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Home prices increased 19.8% in February year over year, according to the S& P CoreLogic Case-Shiller national home price index. That is up from the 19.1% annual increase in January and is the third-highest reading in the indexâs 35-year history. While mortgage rates began rising slowly at the start of this year, they didnât really take off sharply higher until March. Given that this reading is a three-month running average through February, it doesnât show much of an impact from rates. That could be coming next, though.  (DE.SPY2) (DE.ZPDM)
home prices jumped 20percent in february slowdown may be coming sp case shiller 2022
Per Shepherdsonâs calculations, the rise in mortgage rates since September has increased the cost of a monthly mortgage payment for a median-priced home by more than $400, or 27%. âThatâs a huge increase, even for households sitting on savings accumulated during the pandemicâa one-time increase in savings canât finance an increase in mortgage payments for the next 30 yearsâand it will push demand down a good deal further,â he wrote. Indeed, affordability is top of mind for todayâs home buyers. 
A recent survey conducted by U.S. News & World Report found that nearly half of buyers say affordability is their biggest concern, though a majority of those surveyed indicated that they were still optimistic they would be able to purchase a home in the next year.