Home sweet valuable home.
Welcome to the Know the Difference Minute for Tuesday, March 29th. 
Home prices continue to rise in 2022—up over 19% year-over-year in January according to the Case-Schiller Index.  The cause is the usual suspects: Tight supply and strong demand.  
The hottest market is Phoenix where a nearly 33% jump was the 32nd consecutive month in the #1 slot. Tampa and Miami are almost as strong.  

Now, as a 3-month running average, the index might not tell the whole story since mortgage rates ended 2021 around 3.25% but are now in the mid-4’s. Pending home sales which measure signed contracts on existing homes have fallen for 4 straight months.
Affordability is an issue. A senior economist at Realtor.com shared that the monthly payment for a median-sized home has jumped 30% in the last year. 
For Dave Spano, I’m Deanne Phillips from Annex Wealth Management.  That is your Know the Difference Minute.