The total value of the housing market now exceeds $1 trillion in eight US cities, doubling from just four cities last year and underscoring just how much home prices have skyrocketed in a relatively short time, according to a
The report, which analyzed Redfin’s value estimates for more than 95 million US residential properties in June 2024, also found that the total value of homes across the US jumped by $3.1 trillion to a record $49.6 trillion in the last year. When supply doesn’t keep up with demand, prices are driven higher. That’s been the story of the US housing market for years as Americans grapple with one of the most unaffordable housing marketsas more families and remote workers took advantage of dirt-cheap borrowing costs to upgrade their spaces. Then, the Federal Reserve’s aggressive interest rake hike campaign to battle inflation sent mortgage rates surging, significantly adding to the monthly costs that new mortgage holders must pay.
Only one metro area saw its home values fall, Redfin said: Cape Coral, Florida saw the value of its housing market drop of 1.6% over the last year. New Orleans and Austin also experienced less than 2% growth.
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