the numbers us home prices rose again in march even as higher mortgage rates began to bite leaving prices at alltime highs the sp corelogic caseshiller 20city price index was up a record 212 year over year while the federal government’s price tracker climbed 19 in the same span the case shiller index rose 31 in march compared to the prior month a separate report from the federal housing finance agency showed a 15 monthly increase the big picture the record increases in home prices over the past few years is bound to slow with the federal reserve raising interest rates the cost of a 30year fixed mortgage has almost doubled to about 525 from 275 last fall high prices and higher mortgage rate have made buying a home more unaffordable what’s more there’s still a lack of home for sales and builders are facing bigger expenses for labor and materials even then strong demand for housing is likely to keep prices elevated key details the yearoveryear increase in the 20city case shiller prices index bested the previous record of 203 in february phoenix once again recorded the highest rate of homeprice growth in the country in march according to the caseshiller report prices were up a whopping 32 from one year ago dallas also posted a 307 increase in the past year the smallest increases were largely in older cities in the northeast and midwest such as washington boston new york minneapolis and chicago still prices were up 129 in washington which had the smallest yearoveryear gain looking ahead demand is waning evident in weakening purchase applications and home sales in response to sharply higher mortgage rates which should provide some relief on prices” said rubeela farooqi chief us economist at high frequency economics “even so for now prices are showing little sign of abating” market reaction the dow jones industrial average djia and sp 500 spx fell in tuesday trades