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Home prices in the U.S. continued their relentless rise in March, making it tougher for buyers to afford a place of their own as interest rate hikes to combat inflation keep inventory low.
The Case-Shiller 10-city index rose 8.2 percent year-over-year in March, up from 8.1 percent in February. On a month-to-month basis, the unadjusted index rose 1.6 percent, and the adjusted index rose 0.5 percent. San Diego saw the steepest increase with an 11.1 percent annual rise in home prices, followed by New York, Cleveland, and Los Angeles. Urban markets remain hot, but soaring prices are shutting out more and more potential buyers.
Mortgage rates have soared as the Federal Reserve fights inflation. Inflation surged shortly after President Biden took office, with the consumer price index’s annual increase rising from 1.4 percent in January 2021 to 9 percent in June 2022. The most recent report shows the consumer price index was up 3.4 percent in April from a year earlier.
Most homeowners with mortgages would have to accept much higher rates if they were to sell their current home and buy a new one. As a result, many homeowners are staying put, keeping the number of homes for sale low. The shortage of supply has helped push prices much higher despite high mortgage rates.
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