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Home Prices Continued Surging in March

Annual home price increases across the U.S. are the highest they have been in decades, according to CNBC.

The numbers: Home prices were 20.6% higher in March 2022 than they were a year earlier, according to the S&P CoreLogic Case-Shiller Home Price Index.

  • Tampa (+34.8%), Phoenix (+32.4%) and Miami (+32.0%) had the highest year-over-year home price increases, but all 20 cities in the Case-Shiller 20-city composite saw double-digit price increases for the year ending in March.

Mortgages: The average rate for a 30-year fixed mortgage was 4.67% at the end of March, up from 3.29% at the start of 2022.

What’s next: Home prices are expected to ease up eventually, but right now demand remains high. More supply is likely coming to the market as sellers try to make sure they don’t miss out on the best seller’s market in decades.

In related news: Consumer confidence fell slightly from 108.6 in April to 106.4 in May, a three-month low, according to the Conference Board. Consumers responding to the survey were anxious about stubbornly high inflation and labor market conditions.

  • The percentage of respondents suggesting that business conditions were “good” increased slightly from 20.8% to 21.1%, while the percentage feeling that conditions were “bad” decreased from 22.2% to 20.7%.
  • The number of respondents saying jobs were “plentiful” decreased from 54.8% to 51.8%, while those saying jobs were “hard to get” rose from 10.1% to 12.5%.
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