U.S. home prices for the first quarter of 2022 continued to skyrocket with a record 20.9 percent year-over-year increase in March 2022, according to CoreLogic’s latest Home Price Index and Forecast, which was released on May 3.
This was the highest 12-month growth for the U.S. home index since the series began in 1976, while mortgage rates have risen to its fastest pace in 35 years.
Demand for housing continues to outpace supply, as a persistent shortage of salable homes are prompting bidding wars among potential buyers, pushing prices higher.
A major housing boom has been taking place across the country over the past two years since the start of the pandemic, with most U.S. metropolitan areas showing robust home-price growth.
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