Home price gains continued to cool in March and are moving down to more normal historical levels. The S&P Case-Shiller 20-City Home Price Index saw a 2.7% annual gain, down from the 3% annually recorded in February and well below the near-7% gains seen year-over-year in March 2018. “Home price gains continue to slow,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The patterns seen in the last year or more continue: year-over-year price gains in most cities are consistently shrinking. Double-digit annual gains have vanished." The National Index rose 3.7% annually in March from 3.9% in February.
Americans recently surveyed across the nation respond that they feel the economy should continue to grow at a solid pace in the short-term which will continue to boost consumer spending. The Conference Board reports that its Consumer Confidence Index rose to 134.1 in May from 129.2 in April. The report went on to reveal that both business and employment expectations improved, though income prospects were mixed. “Consumer Confidence posted another gain in May and is now back to levels seen last Fall when the Index was hovering near 18-year highs,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.