Home prices increased by a record 20.6% in the 12 months ending in March, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Indices, even amid other signs that the housing market is slowing.
The jump in house prices is the largest increase notched in the 34 years that the record has been kept. The cities that experienced the most price growth were Tampa, Phoenix, and Miami, which saw 34.8%, 32.4%, and 32% growth, respectively. The price growth coupled with rising mortgage rates has made it less affordable to buy homes.Mortgage rates have risen quickly as the Federal Reserve hikes interest rates to combat inflation, with the average rate on a 30-year loan now at 5.1%.
Real estate brokerage Redfin announced on Friday that nearly 1 in 5 home sellers, more than 19%, dropped prices for the month ending on May 22. That marks the highest rate since October 2019, the study found. “As the Federal Reserve focuses on slowing demand and reducing inflation, long-term interest rates will likely continue their upward trajectory, which will contribute to slower house price growth over the next two years,” PNC senior economist Abbey Omodunbi said on Tuesday.
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