Fannie Mae reports that its key housing index surged in March just in time for the spring homebuying season. Declining mortgage rates as well as a drop in prices were two reasons behind the increase. The Fannie Mae Home Purchase Sentiment Index jumped 5.5 points in March to 89.8, the highest level since June 2018. The good time to buy and good time to sell components both increased in March. Doug Duncan, senior vice president and chief economist at Fannie Mae said, "Consumers appear to have regained some confidence in the housing market, with perceptions of both home buying and home selling conditions returning to their longer-term trends.”
Gas prices at the pumps continued to increase over the past week as demand holds steady while inventories continue to lighten, reports motor club AAA. The national average price for a regular gallon of gasoline is at $2.74, up $0.08 from last week and up $0.28 from a month ago. The increase is also due in part to the rise in oil prices, which hit five-month highs this week. A year ago, the price was $2.66 a gallon. The all-time high for a gallon of gas was $4.11 hit back on July 17, 2008.
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