Blue Ridge Mountains of Georgia attract buyers even as home values rise
One couple searched for their 'American Dream Home' in Georgia
American Dream Home: Blue Ridge Mountains
Host Cheryl Casone helps homebuyers David and Beverly find their dream home near the Blue Ridge Mountains in Morganton, Georgia, on 'American Dream Home.'
The housing market remains strong, despite rising interest rates.
This week, we got the Case-Shiller index from S&P Corelogic.
The report is raising eyebrows, as it shows that home prices rose more than expected in March, jumping to an annual record of 21.2% annually.
This rise was much larger than expected for the 20-city index.
HOME PRICES SOARED IN RECORD MARCH: CASE-SHILLER
Not only was it the largest annual gain on record, it was also higher than the 20.3% year-over-year jump we saw in February.
Refinitiv estimates only expected the March index to rise to 20%.
Home prices rose more than expected in March 2022, jumping to an annual record of 21.2% annually. (iStock / iStock)
This closely watched index has been in existence for 35 years, meaning the price jumps awe are seeing are extraordinary.
"I expect the pace of price gains to slow somewhat. I do not see prices falling."
Mitch Roschelle, founding partner of Macro Strategic Advisors, told me, "Home prices continue to rise. However, as more supply comes on the market and demand slows a bit, I expect the pace of price gains to slow somewhat. I do not see prices falling."
Tampa, Phoenix and Miami reported the highest year-over-year gains among the 20 cities in March.
Seventeen of the 20 cities reported higher price increases for homes for the year ending in March 2022. (iStock / iStock)
Tampa led the way, with a 34.8% year-over-year price increase, followed by Phoenix, with a 32.4% increase and Miami with a 32% increase.
Seventeen of the 20 cities reported higher price increases in the year ending March 2022, versus the year ending February 2022.
"The strength of the composite indices suggests very broad strength in the housing market, which we continue to observe."
Craig J. Lazzar, managing director at S&P, noted, "The strength of the composite indices suggests very broad strength in the housing market, which we continue to observe."
ALABAMA COUPLE SEARCH FOR COUNTRY ESCAPE ON ‘AMERICAN DREAM HOME’
He also referenced higher interest rates.
"Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates," he said, "suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer. Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call."
Cheryl Casone is host of "American Dream Home," which airs every Wednesday evening on FOX Business at 9 p.m. Eastern. (Fox News / Fox News)
This week, "American Dream Home" took our viewers to the Blue Ridge Mountains of Georgia — specifically, the town of Morganton.
David and Beverley, along with their family, were attracted to the area known for its beauty and affordability.
The town is the original county seat for Fannin County and is well-known for the Morganton Point Recreation Area, located on Lake Blue Ridge — part of the Chattahoochee National Forest.
Home values there are up versus 2019 and listing prices have jumped 15% in the last two years specifically, according to Redfin.
There is a swimming beach and campground, along with trails to hike and explore.
Home values there are up versus 2019 and listing prices have jumped 15% in the last two years specifically, according to Redfin.
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The median sale price sitting at $385,000. Only 3.7% of homes there sell under list price.
Average time on the market is about 28 days.
To learn more about the couple mentioned in this story, watch the video at the top of this article, or click here to access it.
Cheryl Casone is host of "American Dream Home" on FOX Business Network.