Rising mortgage rates did not slow down rising home prices in March.
Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February. The index is a three-month running average ending in March.
The average rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.
The Case-Shiller 10-city composite rose 19.5% annually in March, up from 18.7% in February. The 20-city composite saw a 21.2% year-over-year gain, up from 20.3% in the previous month. For both national and 20-city composites, March’s reading was the highest year-over-year price change in more than 35 years of data.
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