House prices, confidence hitting fresh highs

by Kelli Rogers28 May 2013
Americans are showing an increasingly positive outlook as consumer confidence and home prices strengthen.
 
The Conference Board, a New York-based private research group, said its consumer confidence index rose in May to 76.2, up from a reading of 69.0 in April and the highest since in more than five years.
 
The jump in confidence followed a separate report showing the housing recovery is strengthening.
 
Home prices jumped 10.9% in March compared with a year ago, the largest gain in seven years, according to the S&P/Case Shiller index. All 20 cities examined by the index showed year over year gains.
 
From February, prices were up 1.4% for the 20-city composite, as measured by the monthly Standard & Poor's/Case-Shiller index. Phoenix and San Francisco are the hottest markets with prices up more than 22% year over year,  but all 20 cities in the index posted year over year growth for the third month in a row.
 
Twelve of the 20 cities saw prices rise at double-digit annual growth rates.

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