Housing market hits record $47 trillion value amid home shortage

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

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Once valued at $47 billion, WeWork warns of 'substantial doubt' that it can stay in businessWeWork's shares tumbled after it flagged its financial losses and its need for cash, among other factors, as major headwinds.
Source: CBSNews - 🏆 87. / 68 Read more »

Hotel conversions put hundreds of new low-income housing units on the market in AnchorageAnchorage Affordable Housing and Land Trust purchased the hotels, and executive director Jason Bockenstedt said converting hotel rooms into permanent housing is considerably cheaper than new construction.
Source: AKNewsNow - 🏆 460. / 53 Read more »