Home prices continue upward trend in January, Consumer Confidence rose in March, Stocks lower
March 28, 2017
Home prices continued to follow their positive upward trend in January due in part to tight inventories of homes for sale across the nation. The January S&P/Case Shiller 20-city Home Price Index rose 5.7% year over year, just above the 5.6% expected. From December to January, prices increased nearly 1%. Of the nation’s 20 largest cities, three reached their all-time highs in January: Seattle, Portland, and Denver. And 12 cities reported greater price increases in the year ending January 2017 versus the year ending December 2016, the report said.
The Conference Board reported today that Consumer Confidence rose to the highest level since December 2000. Consumers expressed greater optimism regarding short-term outlook for business, jobs and personal income prospects. The March Consumer Confidence Index rose to 125.6 from 116.1 in February and well above the 113.3 expected. “Consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
Stocks continued to grind lower yesterday as the exuberance from the presidential election loses some of its luster and after the new healthcare reform act was pulled on Friday due to a lack of votes. If the Dow Jones Industrial Average were to close lower today, it would be nine straight losing sessions, something it has not done since 1978. However, the strong Consumer Confidence numbers have pushed Stock prices higher today.