US house prices accelerated by the most in nearly seven years in March as the spring buying season gave the sector traction, while surging consumer confidence pointed to some resilience for the economic recovery.
The S&P/Case Shiller composite index of 20 metropolitan areas climbed 10.9pc year over year, beating expectations for 10.2pc. This was the biggest increase since April 2006, just before prices peaked in the summer of that year.
Prices in the 20 cities gained 1.1pc in March compared to the month before, on a seasonally adjusted basis, topping economists’ forecasts for a 1pc rise.
The housing market turned a corner in 2012, several years after its far-reaching collapse.
The recovery has picked up since as inventory has tightened, foreclosures eased and historically low mortgage rates have attracted buyers.