In March 2022, home prices in the United States climbed even higher.<br />CNN reports that the surge caused buyers to scramble to lock in homes before average mortgage rates hit 5%.<br />Compared to the same time in 2021, home prices rose 20.6% in March.<br />That's a 20% higher rate than the growth seen in February.<br />February's growth was the highest year-over-year price increase in the 35 years that S&P's U.S. National Home Price Index has kept records.<br />Of the 20 U.S. cities tracked by the index, prices in Tampa, Florida, topped the list with a staggering 32.4% increase in prices.<br />Prices in Phoenix, Arizona, went up 32.4%, while Miami, Florida, saw house prices climb 32%.<br />In March, 17 of the 20 cities on the index saw higher price increases in the year ending March 2022 <br />compared to the year ending February 2022. <br />More recent data on the housing market 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 />"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
