Year-Over-Year <br />Home Prices , Continue to Surge , Across the US.<br />In March, home prices <br />in the United States <br />climbed even higher.<br />CNN reports that the surge caused buyers <br />to scramble to lock in homes <br />before average mortgage rates hit 5%.<br />CNN reports that the surge caused buyers <br />to scramble to lock in homes <br />before average mortgage rates hit 5%.<br />Compared to the same time in 2021, <br />home prices rose 20.6% in March. .<br />That's a 20% higher rate than <br />the growth seen in February. .<br />February's growth was the highest year-over-year <br />price increase in the 35 years that S&P's <br />U.S. National Home Price Index has kept records.<br />Of the 20 U.S. cities tracked by the index, <br />prices in Tampa, Florida, topped the list <br />with a staggering 32.4% increase in prices.<br />Prices in Phoenix, Arizona, went up 32.4%, <br />while Miami, Florida, saw house prices climb 32%.<br />Prices in Phoenix, Arizona, went up 32.4%, <br />while Miami, Florida, saw house prices climb 32%.<br />In March, 17 of the 20 cities on the index saw higher <br />price increases in the year ending March 2022 <br />compared to the year ending February 2022. .<br />In March, 17 of the 20 cities on the index saw higher <br />price increases in the year ending March 2022 <br />compared to the year ending February 2022. .<br />More recent data on the housing market <br />suggests that growth may be slowing. .<br />Danielle Hale, chief economist for Realtor.com, suggests buyers have become unable or unwilling to purchase a home amid the highest mortgage rates in 13 years.<br />Danielle Hale, chief economist for Realtor.com, suggests buyers have become unable or unwilling to purchase a home amid the highest mortgage rates in 13 years.<br />As buyer confidence sags and weighs down demand, real estate markets will re-balance, eventually tilting away from the heavy advantage that recent home sellers have enjoyed, Danielle Hale, chief economist for Realtor.com, via CNN
