New home sales and consumer confidence back at pre-recession levels

Posted on Thursday, June 26th, 2014 at 4:37pm.

Good news for the economy: We’re back to where we were in 2008, at least as far when it comes to consumer confidence and new home sales.

The Conference Board Consumer Confidence Index hit 85.2 in June, its highest level since January 2008.


“June’s increase was driven primarily by improving current conditions, particularly consumers’ assessment of business conditions,” said Lynn Franco, director of economic indicators for the Conference Board. “Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed. Still, the momentum going forward remains quite positive.”


Meanwhile, the U.S. Census Bureau reported Tuesday that sales of new homes jumped to an annual rate of 504,000 in May, up nearly 19 percent from April, according to the U.S. Census Bureau.


May’s sales rate was the highest in six years — another sign of the housing market’s rebound. On Monday, the National Association of Realtors reported that sales of existing homes rose 5 percent last month.


The median sales price of a new house in May was $282,000.

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