In March 2022, home prices in the United States climbed even higher.
CNN reports that the surge caused buyers to scramble to lock in homes before average mortgage rates hit 5%.
Compared to the same time in 2021, home prices rose 20.6% in March.
That's a 20% higher rate than the growth seen in February.
February's growth was the highest year-over-year price increase in the 35 years that S&P's U.S. National Home Price Index has kept records.
Of the 20 U.S. cities tracked by the index, prices in Tampa, Florida, topped the list with a staggering 32.4% increase in prices.
Prices in Phoenix, Arizona, went up 32.4%, while Miami, Florida, saw house prices climb 32%.
In March, 17 of the 20 cities on the index saw higher price increases in the year ending March 2022
compared to the year ending February 2022.
More recent data on the housing market suggests that growth may be slowing.
Danielle Hale, chief economist for Realtor.com, suggests buyers have become unable or unwilling to purchase a home amid the highest mortgage rates in 13 years.
"As buyer confidence sags and weighs down demand, real estate markets will re-balance, eventually tilting away from the heavy advantage that recent home sellers have enjoyed." Danielle Hale, chief economist for Realtor.com, via CNN