Consumer confidence saw a modest uptick in July, while new data suggests that home price growth in the U.S. is beginning to slow.
According to The Conference Board, its Consumer Confidence Index rose by two points last month as inflation concerns eased slightly. The organization’s senior global economist noted that overall consumer sentiment continues to recover from a significant dip in April. Despite the modest gain in confidence, fewer Americans reported plans to purchase homes or cars, take vacations, or travel for personal reasons—indicating some caution remains among consumers.
At the same time, housing prices appear to be cooling. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.8% increase in home prices for May compared to the previous year. This marks a slowdown from the 3.4% annual increase recorded in April. Analysts attribute the deceleration in price growth to persistent high interest rates, which are dampening demand and increasing housing supply.
For more information, visit www.conference-board.org for consumer confidence data and www.spglobal.com/spdji for details on the Case-Shiller Home Price Index.
You must be logged in to post a comment.