The US housing market has lost $2.3 trillion in value from its peak as home prices tumble
The US housing market has lost $2.3 trillion in value from a 2022 peak as sale prices crashed, according to aThat equates to a 4.9% decline, marking the largest June-to-December drop in percentage terms since 2008.
Redfin cited weakening demand as the Federal Reserve's monetary tightening campaign helped send mortgage rates to a 20-year high of 7.08% in November. "The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom," Redfin Economics Research Lead Chen Zhao said in a statement."The total value of U.S. homes remains roughly $13 trillion higher than it was in February 2020, the month before the coronavirus was declared a pandemic."
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