U.S. house prices rose 8.4% year-to-year – between the fourth quarter (4Q) of 2021 and 2022. In a ranking of the largest 100 U.S. metros for home-price growth, Florida’s also rose the most year-to-year, taking six of the top 10 spots. Florida saw the highest year-to-year price increase of any state with 15.2%.
Tampa-St. Petersburg-Clearwater: Up 15.8% year-to-year, down 0.1% 3rd quarter to 4th quarter of 2022.
Federal Housing Finance Agency (FHFA) House Price Index
Mortgage Rates Continue to Climb Up
As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.
