National home price growth hit a 45-year high in March, according to the latest CoreLogic Home Price Index Report…(CoreLogic)
- Y-O-Y: Home prices were up 20.9% year-over-year in March 2022, this is the highest 12-month growth in the U.S. index since the series began in 1976.
- M-O-M: Homes prices were up 3.3% from February, this is the largest monthly increase in the HPI for the month of March.
NOTE: The March 2022 HPI gain was up from the March 2021 gain of 11.1%.
Florida lead all states with a whopping 31.4% year-over-year growth in March, this up from the 11% growth they saw during the same time last year.
- Arizona took the number two spot with 28.7% price growth followed by Tennessee(+26.7%), Nevada (+26.5%), and Utah (+24.9%)
- Not surprisingly, Phoenix held on to the top spot among the metros with 30.4% year-over-year growth followed by Las Vegas (+27.4%) and San Diego (+25.8%).
Dr. Frank Nothaft, Chief Economist for CoreLogic, highlighted that this latest price jump has coincided with a big jump in mortgage rates…
- In April, 30-year fixed mortgage rates averaged nearly 2 percentage points higher than one year earlier. With the growth in home prices, that means the monthly principal and interest payment to buy the median-priced home was up about 50% in April compared with last April.”
