Home prices in the United States were 20.6% higher than they were in March last year as mortgage rates also rose.
- The average rate on the 30-year fixed mortgage came in at 3.29% at the start of January and increased to 4.67% by the end of March.
- The Case-Shiller’s 10-city composite increased by 19.5% annually in March, an increase from 18.7% in February. The 20-city composite reported a 21.2% year-over-year increase, from 20.3% in the prior month.
- Regionally, Phoenix slid from the top gainer spot for the first time in three years, with Tampa taking the lead. Tampa, Phoenix, and Miami continued to report the highest annual gains, rising 34.8%, 32.4%, and 32.0%, respectively.
Seventeen of the 20 cities posted higher price gains in the year ending March 2022 compared to the year closing in February 2022.
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Source: S&P Dow Jones Indices
