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发帖数: 29846 | 1 Home prices continued to soar in March, hitting an all-time high despite
rising mortgage rates that made buying a house even more expensive.
The S&P CoreLogic Case-Shiller National Home Price NSA Index jumped to an
annual rate of 20.6%, up from 20% in February. The 10-city composite year-
over-year increase went to 19.5% from 18.7%, while the 20-city composite
annual gain was 21.2%, up from 20.3%.
For the first time in 34 months, Phoenix didn’t register the biggest jump.
That distinction went to Tampa, which saw a one-year advance of 34.8%. It
was followed by Phoenix (+32.4%) and Miami (+32%). Prices in March rose more
than than the month before in 17 of the cities in the index.
Craig Lazzara, managing director at S&P DJI, explained that the move upward
in home prices suggests “very broad strength in the housing market.”
Interest Rate Impact
Lazzara noted it’s likely these kinds of big price increases will ease as
the Federal Reserve raises interest rates to fight inflation, making home
loans more expensive. Freddie Mac reported the average rate on a 30-year,
fixed-rate mortgage in March was 4.17%, up from 3.08% the year before. It's
now more than 5%. Lazzara explained because of that, the macroeconomic
environment “may not support extraordinary home price growth much longer.”
However, he added that while it’s safe to predict price gains will begin
to decelerate, when that will happen is more difficult to determine. |
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