Geoffrey Smith 

Investing.com — U.S. Single-Family House Prices Continued to Rise at Record Rates in March, despite the higher cost of borrowing, new data shows. 

S&P Global said that average prices nationwide for single-family homes rose 20.6% on the year, an acceleration from 20.0% in February. These figures were derived from the 20 largest cities markets. They show that prices rose more quickly there than in February’s upwardly adjusted 20.3%. 

Miami, Phoenix, Tampa and Phoenix reported the greatest year-over-year increases among all 20 cities. They also posted annual growths of more than 30%. The largest increase was in Tampa at 34.8%, followed by Phoenix (32.4%) and Miami (22.0%). 19 of 20 cities saw price rises in the March 2022 year compared to the February 2022 year.

These numbers illustrate the market turmoil that Federal Reserve officials are trying to combat in recent months. They have raised the bank’s key rate three quarters of an inch. Fed Governor Chris Waller (one of the most hawkish voices in its Washington DC-based board) stated Monday that he would give a half point each of the following meetings to continue inflation’s decline from March’s 40-year-high of 8.5%.

These figures, however, are slightly less forward-looking than some other sector indicators. The Mortgage Bankers Association data shows that the 30-year rate for mortgages has risen by about 75 basis points from March. Applications for mortgages fell in six weeks, which suggests that there may be a weakness in the market due to affordability concerns.