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Housing market hits record $47 trillion value amid home shortage

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The US housing market hits a record value of $47 trillion as the inventory shortage fuels a price boom

That beats out the prior record set last year, of $46.6 trillion. The report said a shortage of homes has been propping up housing values, based on a Redfin estimate on more than 90 million US residential properties.

Notably, the housing market has now offset the $2.9 trillion decrease in value that happened between June 2022 and February 2023 as a result of rising mortgage rates. Meanwhile, the number of homes for sale in the US hit an all-time low in June, falling 15% on an annual basis.Los Angeles saw the biggest decline in aggregate home value, with a $152.6 billion annual decline in June

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