The Federal Housing Finance Agency released their House Price Index for the month of March and it showed that pricing on single family homes purchased with conforming loan amounts increased by 1.5% month over month. On a year-over-year basis, home prices increased by 18.7% which was a slight drop from February’s 19.4%. Even though there was a slight decline this number was still very hot and proves that housing demand is pushing ahead even in the face of rising interest rates.
Speaking of a hot housing market, the Case Shiller Home Price Index, which is considered one of the best or most accurate reads on housing appreciation, was released at 2.6% for the month of March, an increase of 0.9% from February. Year over year the index increased by 20.6% which is an increase from 19.8% in the previous HPI release.
While these reports are “hot off the press”, they are both looking at March data which is slightly dated and takes into account only part of the quick interest rate rise that we have seen. But they both still prove home price appreciation to be very resilient.
Sources:
https://bit.ly/3jWTYAu
