The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 20.6% annual gain for March, 2022. Their 10-City Composite annual increase came in at 19.5% and their 20-City Composite posted a 22.2% year-over-year gain. March’s reading was the highest year-over-year price change in more than 35 years of data.
“Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer. Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call.” Said Craig J. Lazzara, Managing Director at S&P DJI.