Home prices continue to grow at double-digit pace across the country. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in February 2022, up from 19.1% in the previous month.

The 10-City Composite annual increase came in at 18.6%, up from 17.3% in the previous month. The 20-City Composite posted a 20.2% year-over-year gain, up from 18.9% in the previous month. Phoenix, Tampa, and Miami saw the highest gains of the 20 cities surveyed in the index.

What lies ahead?

As mortgage rates climb from historic lows,  some economists  argue that they can prove to be the one force that can put a damper on upward price pressure from strong borrower demand and limited inventory.

“Eventually mortgage rates will slow down home prices, but it hasn’t happened so far,” said Ken Johnson, an economist at Florida Atlantic University, in an  interview with Realtor.com. “We should not see rapid upticks in prices as mortgage rates rise. It’s that kind of exuberance that led to past housing downturns.”

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