Source: S&P Global
Home prices in the United States grew at a faster pace in March, in line with the higher interest rates recorded during the period. XHB is down 1.65%, while ITB is down 1.35%.
- The S&P CoreLogic Case-Shiller, US National Home Price NSA Index, posted annual growth of 20.6% in March, faster than 20.0% in February.
- The trend was also seen in the 10-City and the 20-City Composite index.
- The fastest growth was recorded in Tampa with 34.8%, overtaking Phoenix for the first time in nearly three years with a growth of 32.4%.
- Prices were the strongest in the South and the Southeast, with every region posting impressive gains.
- Prices in Miami grew by 32.0% in the month.
- S&P DJI Managing Director Craig Lazzara noted that mortgages are becoming more expensive as the Federal Reserve hiked interest rates.
- The latest figures indicate that the conditions may not support significant long-term home price hikes.