Home prices increased by 9.3 percent, their largest annual margin in nearly seven years. But experts warn that a backlog in some markets could keep home prices low for the foreseeable future.
GDP expanded at a 2.5 percent annual rate in the first quarter. Economists expect slowdown in GDP growth this summer as sequester takes hold, which already delayed air traffic briefly.
New home sales improved again in March. Despite a minor slowdown in existing home sales, analysts are optimistic that the US housing recovery is continuing and that home prices will rise.
The IRS will shut its doors to the public for five days in the coming months due to federal budget cuts. IRS closure dates and other news from around the economy this week.
A bigger-than-expected drop in jobless claims might mean the employment picture isn't as bleak as thought. But retail sales disappointed, and consumer sentiment is still gloomy.
Toyota, Honda, Nissan, and Mazda have issued global recalls of 3.4 million vehicles for faulty airbags that come from a single supplier. The recalled airbags could deploy with too much force, potentially causing fires and endangering passengers.