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US Home Prices Hit Highest Levels in Years

  • VOA News

U.S. home prices and consumer confidence have both hit multi-year highs.

Tuesday's report from Case-Shiller shows home prices rose by 10.9 percent in March from a year earlier. That is the largest such gain in nearly seven years.

The report shows price gains for the third straight month, a sign of tight inventories, growing demand and continuing recovery in a key sector of the economy. However, even these encouraging figures show home prices are 28 percent below their peak in 2006.

The improving housing and labor markets may be why the Conference Board's index of consumer confidence rose to a five-year high in May of 76.2.

Economists and investors watch consumer confidence for clues about the consumer demand that drives most U.S. economic activity.
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