Source: CNN —
(CNN)US home prices continued to surge higher in March, as buyers raced to lock in homes before the average mortgage rate hit 5%.
Home prices rose 20.6% in March from the year before, an even higher rate than the 20% growth seen in February, according to the S&P CoreLogic Case-Shiller US National Home Price Index. It was the highest year-over-year price change in more than 35 years of data.
Sun Belt cities again saw the biggest price increases among the 20 US cities tracked by the index. But for the first time in nearly three years, the city with the most rapid growth in housing prices was not Phoenix.
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