Case-Shiller: First quarter sees significant gains in nationwide home prices
Posted on Tuesday, May 28, 2013 at 11:42:45 AM
Rising home prices across the country may see more consumers examining residential lending opportunities during the coming months.
The latest S&P/Case-Shiller Home Price Indices disseminated by S&P Dow Jones Indices showed that home prices ticked up in March at the fastest annual growth rate recorded in seven years. Monthly and yearly increases were observed within the organization's 10- and 20-City Composites, with all metropolitan areas having exhibited price improvements.
Month-over-month, both composites sustained price hikes of 1.4 percent from February's figures, while the 10-City Composite grew 10.3 percent and the 20-City Composite appreciated 10.9 percent from March 2012.
As housing conditions continue to point toward economic recovery, an increaseing number of consumers may be experiencing heightened confidence levels. The Conference Board's most recent Consumer Confidence Index showed considerable improvement in May, moving up to 76.2 percent from the level of 69 recorded in April. Additionally, both the Present Situation Index and Expectations Index also increased this month.
"Consumer Confidence posted another gain this month and is now at a five-year high," said Lynn Franco, director of economic indicators at The Conference Board. "Consumers' assessment of current business and labor-market conditions was more positive and they were considerably more upbeat about future economic and job prospects."
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