Home prices continued to stampede upward in March, picking up pace for the fourth straight month, a popular barometer of the housing market showed Tuesday.
The S&P CoreLogic Case-Shiller national home price index showed prices were up 20.6 percent in March compared with 12-months earlier. That is a faster pace than the 20 percent gain in February.
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. The index tracking prices in 20 of the country’s largest metropolitan areas jumped 21.2 percent, an acceleration from the 20.3 percent pace in February.
The increased pace came prior to the Fed’s recent campaign to tighten financial conditions. In March, the average rated on a 30-year fixed mortgage was 4.17 percent. In May it averaged 5.23 percent. The higher rates are expected to cool down the housing market, although data from April showed
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