US house prices soar to 5 year high

US house prices continued to rise in the third quarter of the year and reached the highest level since 2009, the Federal Housing Finance Agency (FHFA) said Tuesday. According to the FHFA's House Price Index, U.S. house prices grew by 2 percent during July-September period from the previous quarter, which is the ninth consecutive quarterly price increase. "Overall, the housing market experienced another strong quarter, but price appreciation in the latter part of the quarter was relatively subdued," said FHFA Principal Economist Andrew Leventis. Compared with the same period of last year, house prices rose 8.4 percent, said FHFA. Data from U.S. commerce department Tuesday also showed that the U.S. housing market is gaining momentum next year, as building permits issued in October hit a five-year high.