American Housing Market Loses $2.3 Trillion of Value
The U.S. housing market lost more than $2 trillion in home value during the second half of 2022 as homebuyer demand waned amid elevated mortgage rates, even as home prices fell 11.5 percent from their May peak, according to real estate brokerage Redfin.
At the end of 2022, the total value of U.S. homes was $45.3 trillion, down $2.3 trillion, or 4.9 percent, from the June record high of $47.7 trillion, stated a Redfin press release on Feb. 22. This is the biggest drop in value in percentage terms during the June–December period since 2008. When compared to December 2021, the total value of homes was only up 6.5 percent by December-end 2022, which is the smallest year-over-year monthly increase since August 2020….