Tampa, Phoenix, and Miami Lead Home Price Increase in March

Brian Turner
31 May, 2022
New York City

Home prices continued to advance in March despite the rising mortgage rates. 

The controversial S&P CoreLogic Case Shiller U.S. National Home Price NSA index showed 3-month average prices to March increased 20.6% after rising at 20% in February. 

The price index in 20 metropolitan cities surged 21.2% from 20.3% in February and in 10-city composite increased 19.5% from 18.7% in the previous month. 

Tampa, Phoenix, and Miami reported the largest annual gains among the 20 cities in March. 

Tampa led the list with 34.8% annual price increase, followed by Phoenix with a 32.4% increase, and Miami with a 32.0% increase. 

Seventeen of the 20 cities reported higher price increases in the year ending March 2022 versus the year ending February 2022.

"Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer," says Craig J. Lazzara, Managing Director at S&P DJI.

On a monthly basis and before adjusted for seasonal factors, home prices rose 2.6% across the nation, jumped 2.8% and 3.1% across 10 and 20 city composites. 

After leading the national price increase for nearly three years, Phoenix was replaced by Tampa for the first time. 

Home price index in Tampa soared 248% in March followed by 32.4% in Phoenix and 32% in Miami. 

Average mortgage rate across the country was reported at 3.29% in January and jumped to 4.67% in March according to the data reported by Mortgage News Daily.  

Mortgage rates have continued to rise since then and peaked 5.57% in May. 

New and existing home sales have been falling for more than three months and home supplies available for sales are increasing as more homeowners are listing properties before the hot market cools.