The S&P CoreLogic Case-Shiller Home Price Index surged +20.6% y/y in March.

Q1 2022 Housing Market Marked by Frenzied Homebuyer Demand

Prior to mortgage interest rates truly taking off at the end of March, the US S&P CoreLogic Case-Shiller Index soared +20.6% y/y.

This +20.6% y/y increase in home prices during March 2022 represented the strongest March y/y increase since this data series was begun almost 30 years ago.  This +20.6% y/y increase in home prices during March also represented the third month of accelerated home price growth.

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Frenzied homebuyers were motivated to buy whatever they could buy out of fear…fear of the Federal Reserve’s announced intentions to begin implementing higher mortgage interest rates throughout 2022.

Y/Y Home Price Growth Hastens in 17 Metros During March

For the first time in 33 consecutive months, Tampa FL took over from Phoenix as the metro with the strongest annual home price growth in March.  Home price growth in Phoenix slowed by -0.5 percentage points.

Take a look at all 20 metros analyzed concerning home price appreciation during March 2022:

  1. Tampa FL – +34.8%
  2. Phoenix AZ – 32.4%
  3. Miami FL – +32.0%
  4. Dallas TX – +30.7%
  5. San Diego CA – +29.6%
  6. Las Vegas NV – +28.5%
  7. Seattle WA – +27.7%
  8. Charlotte NC – +26.0%
  9. Atlanta GA – +25.7%
  10. San Francisco CA – +24.1%
  11. Denver CO – +23.7%
  12. Los Angeles CA – +23.2%
  13. Portland OR – +19.3%
  14. Detroit MI – +15.4%
  15. Cleveland OH – +14.7%
  16. Boston MA – +14.6%
  17. New York – +13.5%
  18. Chicago IL – +13.0%
  19. Washington DC – +11.9%
  20. Minneapolis MN – +11.0%

Home Prices Have Surged +37% Since Pandemic Began

Cumulatively, home prices have increased +37% since March 2020 at the onslaught of the pandemic.

Take a look at how much home prices have accelerated since March 2020 when COVID started:

  1. Phoenix AZ – +59%
  2. San Diego CA – +55%
  3. Tampa FL – +53%
  4. Seattle WA – +51%
  5. Miami FL – +48%
  6. Dallas TX – +48%
  7. Charlotte NC – +43%
  8. Las Vegas NV – +42%
  9. Denver CO – +41%
  10. Atlanta GA – +40%
  11. Los Angeles CA – +40%
  12. San Francisco CA – +39%
  13. Portland OR – +36%
  14. Boston MA – +32%
  15. Detroit MI – +30%
  16. Cleveland OH – +29%
  17. New York NY – +29%
  18. Washington DC – +26%
  19. Minneapolis MN – +25%
  20. Chicago IL – +21%

All Price Tiers Saw Annual/Monthly Home Price Gains

All price tiers saw accelerated annual and monthly home price gains during March 2022.

  • High Tier – +24% y/y and +3.5% m/m
  • Low Tier – +21.2% y/y and +2.9% m/m
  • Mid-Tier – +3.3% m/m – no data on y/y home price gains but mid-tier gains were pronounced in Denver, San Francisco, and Seattle ranging from +4.7% m/m to +5.8% m/m.

Monthly Expenses Increased 30%+ y/y

With home price growth soaring and mortgage rates between 5% and 6% in March, monthly housing expenses for most buyers came in at 30%+ y/y.

On the one hand, homebuyers in March raced to lock in relatively favorable mortgage rates.  On the other hand, many homebuyers were priced out of the market with housing expenses increasing +30%+.

The impact of higher housing costs and interest rates?  Buyer demand is slowing.  This slowing demand is already translating into fewer bidding wars, fewer buyers competing for/shopping for homes and fewer home services.

Slowing demand could also translate into more price cuts, more days on the market and fewer total home sales in 2022 than in 2021 while still, according to CoreLogic, “…making 2022 the strongest homebuying year since 2006.”

Thanks to CoreLogic.

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