The pace of housing-price gains in Phoenix remained brisk in March, even as the city was knocked out of its position as the No. 1 metro in the country for home-price growth after almost three years. 

Phoenix home prices rose 32.4% year over year, topped by Tampa, where prices jumped 34.8%, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Phoenix prices were up 3% month over month. 

On a national basis, the index rose 20.6% year over year and 2.1% month over month. 

“Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer,” S&P DJI Managing Director Craig Lazzara said in a press release. “Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, 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.” 

The 10-city composite index rose 19.5% on a yearly basis and 2.2% on a monthly basis, while the 20-city composite rose 21.2% annually and 2.4% monthly. The 20-city index’s year-over-year increase was the largest in its 35-year history. 

“The strength of the composite indices suggests very broad strength in the housing market, which we continue to observe,” Lazzara said. “All 20 cities saw double-digit price increases for the 12 months ended in March, and price growth in 17 cities accelerated relative to February’s report. March’s price increase ranked in the top quintile of historical experience for every city and in the top decile for 19 of them.”