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| US house prices 'in biggest rise for nearly seven years' | |
| (35 minutes later) | |
| US house prices in March were up 10.9% from a year earlier, the biggest rise in nearly seven years, according to a closely-watched survey. | |
| The S&P/Case-Shiller index also said all 20 US cities measured posted annual gains for the third straight month. | |
| Meanwhile, separate data showed US consumer confidence in May rose to its highest level in more than five years. | Meanwhile, separate data showed US consumer confidence in May rose to its highest level in more than five years. |
| The two reports boosted investor sentiment, with the Dow Jones up 1.4% to 15,520 in early trade. | The two reports boosted investor sentiment, with the Dow Jones up 1.4% to 15,520 in early trade. |
| Housing recovery | Housing recovery |
| The Case-Shiller house price data will help raise hopes that the property market is starting to recover after a deep recession, helped by solid employment gains and near-record low mortgage rates. | The Case-Shiller house price data will help raise hopes that the property market is starting to recover after a deep recession, helped by solid employment gains and near-record low mortgage rates. |
| However, the report said some of the price rises may have been driven by the limited supply of homes coming onto the market. | However, the report said some of the price rises may have been driven by the limited supply of homes coming onto the market. |
| For the first quarter of this year, the seasonally adjusted national index rose 3.9%, stronger than the 2.4% gain that was seen in the final quarter of last year. | For the first quarter of this year, the seasonally adjusted national index rose 3.9%, stronger than the 2.4% gain that was seen in the final quarter of last year. |
| Annual prices rose in Phoenix by 22.5%, the biggest gain among the 20 cities. It was followed by San Francisco (22.2%) and Las Vegas (20.6%). | Annual prices rose in Phoenix by 22.5%, the biggest gain among the 20 cities. It was followed by San Francisco (22.2%) and Las Vegas (20.6%). |
| New York City had the smallest annual increase at 2.6%, followed by Cleveland at 4.8%. | New York City had the smallest annual increase at 2.6%, followed by Cleveland at 4.8%. |
| Separate housing data has shown sales of new homes in April rose to nearly a five-year high. And sales of previously-occupied homes in April increased to the highest level in three and a half years. | Separate housing data has shown sales of new homes in April rose to nearly a five-year high. And sales of previously-occupied homes in April increased to the highest level in three and a half years. |
| 'Encouraging' | 'Encouraging' |
| The Conference Board said its index of consumer attitudes rose to 76.2 in May from an upwardly revised 69 in April. | The Conference Board said its index of consumer attitudes rose to 76.2 in May from an upwardly revised 69 in April. |
| That was its highest level since February 2008 and beat economists' forecasts for a reading of 71. | That was its highest level since February 2008 and beat economists' forecasts for a reading of 71. |
| The two main components of the survey increased, with the present situation index up to 66.7 from 61, and the expectations index rising to 82.4 from 74.3. | The two main components of the survey increased, with the present situation index up to 66.7 from 61, and the expectations index rising to 82.4 from 74.3. |
| Millan Mulraine, director of US research and strategy at TD Securities, said the positive tone of the report was "quite encouraging". | Millan Mulraine, director of US research and strategy at TD Securities, said the positive tone of the report was "quite encouraging". |
| "It suggests that US households are looking well beyond the current economic setback caused by fiscal retrenchment in the form of higher personal taxes and falling government spending. | "It suggests that US households are looking well beyond the current economic setback caused by fiscal retrenchment in the form of higher personal taxes and falling government spending. |
| "Instead, confidence is being buoyed by the steady progress in housing market activity and strengthening private sector fundamentals more generally," he said. | "Instead, confidence is being buoyed by the steady progress in housing market activity and strengthening private sector fundamentals more generally," he said. |