The US housing market fell almost 5%
From June to December 2022, the combined value of all US homes fell by $2,3 trillion, or 4,9%, to $45,3 trillion. This is the biggest drop since 2008, when the housing market fell 5,8% over the same period.
The main reason is the increase in mortgage rates, which has put pressure on the demand for real estate. Due to less competition, the average US home sale price was $383 last month. That compares to $249 in May 2022.
San Francisco suffered the most - the total value of real estate in the city fell by 6,7%, to $517,5 billion. At the same time, in Miami, the figure increased by 19,7%, to $468,5 billion. Despite the general decline, During the pandemic, that is, since February 2020, the total value of US real estate assets has increased by approximately $13 billion.
Source: Telegram channel “US NEWS | AMERICA"
