Home prices surged over 20% in March as interest rates also rose, according to S&P Case-Shiller

Home prices continued to increase their gains, despite slower sales and higher mortgage rates.

Highlights

Case-Shiller Home Price Index rose 20.6% in March.
Tampa, Phoenix and Miami continued to see the highest annual gains.
Phoenix slipped from the top gainer spot for the first time in three years.
March’s reading was the highest year-over-year price change in more than 35 years of data.
The average mortgage rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.
The index is a three-month running average ending in March and is based on the S&P CoreLogic case-shiller index.