House prices soared 20% in March, reflecting rising interest rates

U.S. home prices jumped 20.6% in March from the same month last year as mortgage rates also jumped and averaged 5%. The year-over-year price increase is the highest in more than 35 years, according to the S&P CoreLogic Case-Shiller National Home Price Index in the United States.

House prices are soaring

The Case-Shiller 10-city composite rose 19.5% in March from 18.7% in February. Additionally, the 20-city composite jumped 21.2% year over year. Tampa, Florida saw the biggest increase (34.8%), knocking Phoenix (32.4%) from the top spot with Miami behind with a 32% increase.

Q1 2022 Hedge Fund Letters, Talks & More

Craig Lazzara, CEO of S&P DJI, reportedly said on CNBC“Those of us who anticipated a deceleration in the U.S. growth rate house prices will have to wait at least another month.

“All 20 cities recorded double-digit price increases for the 12 months ended March, and price growth in 17 cities accelerated from the February report.”

At the bottom of the scale, the cities that grew the least were Minneapolis (+12.4%), Washington (+12.9%) and Chicago (+13%).

Orientation

Lazzara added:Home loans are getting more and more expensive. as the Federal Reserve began raising interest rates, suggesting that the macroeconomic environment may not support the extraordinary growth in house prices for much longer.

Home sales have declined in recent months as demand has soared. However, sellers will want to jump on the bandwagon as they don’t want to miss the sizzling market and high prices.

“While it can be safely predicted that price gains will begin to slow, the timing of the deceleration is a tougher choice.”

Danielle Hale, chief economist for Realtor.com says that home buyers were pressured into locking in a mortgage rate before price hikes, rising rates, or a combination of the two dealt a blow to their ambitions.

“We’ve seen a real estate refresh that has more sellers listing homes, resulting in a greater availability of homes for sale compared to the same time last year. Meanwhile, mortgage rates have stabilized, but remain near the highest levels in 13 years,” Hale said. CNN Business.

7 Retail Stocks That Can Still Hit the Register

Despite record inflation, supply chain disruptions and increased cost pressures from rising wages, the retail sector has been one of the best performers in 2022. Currently , many retailers were able to easily pass their costs on to consumers.

The question is how long can this last? Investors will get their first clue when the monthly retail advance report for March 2022 is released on April 14, 2022. However, if you’re looking to invest in the sector, it’s important to broaden your focus. Retail sales slowed sharply in February compared to January. However, this is a time when investors need to delve into the report. While some categories are struggling, other categories are outperforming the sector and may continue to do so.

This is the subject of this special presentation. We take a look at seven retail stocks that have performed strongly so far in 2022 and have strong prospects for the rest of the year.

See the “7 retail stocks that can still ring the register”.


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