The latest reading of the Standard & Poor’s Case-Shiller index shows home prices accelerating the most in nearly seven years.
The report’s 10-city price index soared 10.3% in March from the prior year, while the 20-city index gained 10.9%. The previous report, for the period through February, saw a 9.3% jump in the 10-city index and 8.6% rise in the 20-city index.
The largest gains were seen in Phoenix (22.5%), followed by San Francisco (22.2%) and Las Vegas (20.6%); all cities that were hit hard by the housing collapse. In Los Angeles, prices were up Los Angeles 16.6%.
Also on the rise is consumer confidence with a new report showing it at the highest level in more than five years.