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  • Writer's pictureDistinctive Mortgages

Home price increases slowed in April for the first time in months, S&P Case-Shiller says...

Rising mortgage rates did not slow down rising home prices in March.

Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February. The index is a three-month running average ending in March.

The average rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.

The Case-Shiller 10-city composite rose 19.5% annually in March, up from 18.7% in February. The 20-city composite saw a 21.2% year-over-year gain, up from 20.3% in the previous month. For both national and 20-city composites, March’s reading was the highest year-over-year price change in more than 35 years of data.

Regionally, Phoenix slipped from the top gainer spot for the first time in three years, with Tampa, Florida, taking over. Tampa, Phoenix and Miami continued to see the highest annual gains, with increases of 34.8%, 32.4% and 32.0% respectively. Seventeen of the 20 cities reported higher price increases in the year ended in March 2022 versus the year ended in February 2022. Diana Olick, CNBC

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