Stock markets surge on back of US house prices, consumer confidence

US stock markets surged today on the back on a raft of positive news on US house prices and consumer confidence.

Home prices in the US rose the most in seven years. In the 12 months through March residential property prices gained  10.9 percent from March 2012, the biggest 12-month gain since April 2006, after advancing 9.4 percent in February.

US Housing Market Recovery (through Q1, 2013)

Source: OFHEO

 

In a separate report, consumer confidence climbed to the highest level since 2008, the year of the credit crunch which resulted in a prolonged recession, the impact of which is still being felt.

Positive trends in Ireland

In a separate report published by the Irish Banking Federation, house sales recorded a 14% increase in the first quarter of 2013.

Dublin property prices saw their first year-on-year gain since the summer of 2007 with prices 1.4% higher than a year ago.

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