The 18.8% jump is the largest increase notched in the 34 years that the record has been kept. The cities that experienced the most price growth were Phoenix, Tampa, and Miami.
The 18.8% jump is the largest increase notched in the 34 years that the record has been kept. The cities that experienced the most price growth were Phoenix, Tampa, and Miami, which saw 32.5%, 29.4%, and 27.3% growth, respectively. The price growth coupled with rising mortgage rates has made it less affordable to buy homes.
The housing market has been red-hot over the past year as the Federal Reserve held its target for interest rates at near-zero levels and demand exploded due in part to massive federal spending.Existing home sales increased 6.7% last month from December to a seasonally adjusted annual rate of 6.5 million, much more than was expected, the National Association of Realtors reported last week.
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