The U.S. housing market has experienced a significant uptick, gaining $2.4 trillion in the last year and reaching a monumental total value of $47.5 trillion, according to a comprehensive analysis by national property broker Redfin. Amid a backdrop of sluggish demand due to high mortgage rates and affordability challenges, the market's resilience is underscored by a 5.3% increase in home values from the previous year, marking the largest surge in nearly a year.
This article The World Property Journal explores the dynamics of supply and demand, regional value shifts, and the broader economic implications for homeowners and prospective buyers alike. Enjoy the article and give me a call with any questions you may have or if you have any other real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source : The World Property Journal | Repost Houterloot 3/19/2024 -
National property broker Redfin is reporting this week that the U.S. housing market gained $2.4 trillion over the last year, bringing its total value to $47.5 trillion. That's based on an analysis of the Redfin Estimate for more than 90 million U.S. residential properties as of December 2023.
In percentage terms, the total value of U.S. homes increased 5.3% from a year earlier in December 2023, the biggest increase in 11 months, and was up 13.3% ($5.6 trillion) from two years earlier.
Housing demand is sluggish due to elevated mortgage rates and affordability challenges, yet home values keep rising. There are three primary reasons:
There's a shortage of homes for sale. Many homeowners are hesitant to put their houses on the market because they scored an ultra low mortgage rate in recent years, and selling would mean giving it up. Supply is even more constrained than demand, meaning buyers are competing for a limited pool of homes. That's propping up values for both homes that are already for sale and those that could hit the market in the future.
Read the full article...
