Consumer Confidence, Home Prices Rise

U.S. consumer confidence rose in the second quarter of 2017, showing a nearly 25 percent increase over year-to-year 2016 levels. Prices of existing home sales also continued to climb, buoyed by a June 2017 peak. 

The Consumer Confidence Index rose to 118.1 this quarter, indicating consumers are optimistic about the state of the economy as tracked by their spending habits.

Home prices also rose this quarter. In June, they reached the 64th consecutive month of gains. However, this may make it difficult for many Americans to buy their first home.

“Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year,” says Lawrence Yun, chief economist at the National Association of Realtors.