The total value of U.S. homes jumped 5% to
$47.5 trillion, the biggest gain in nearly a year, as a shortage of
houses for sale propped up values
(NASDAQ: RDFN) — The U.S. housing market gained $2.4 trillion
over the last year, bringing its total value to $47.5 trillion,
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. 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, 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.
- Home values hit a low about a year ago. The total value
of U.S. homes was nearing a trough at the end of 2022, which is
part of the reason year-over-year growth at the end of 2023 was so
large. It’s typical for home values to cool in the winter, but they
experienced an abnormally large slowdown in 2022 as the shock of
surging mortgage rates sent a freeze through the housing
market.
- More homes were built. While America is grappling with a
housing shortage, it continues to build homes, which contributed to
the gain in total home value last year.
“America’s homeowners are sitting pretty. They’re holding a
massive amount of housing wealth, despite lackluster demand from
buyers, because home values skyrocketed during the pandemic and now
a supply shortage is preventing those values from falling,” said
Redfin Economics Research Lead Chen Zhao. “Prospective buyers
aren’t as lucky. The combination of elevated mortgage rates, high
home prices and a limited pool of homes for sale means
homeownership is about as unaffordable as ever. One bright spot for
buyers is that mortgage rates should start declining before the end
of 2024.”
The average U.S. home was valued at $495,183 as of December, up
from $474,740 a year earlier. The average home value jumped past
$500,000 in both the summer of 2023 and the summer of 2022, meaning
the typical homeowner who bought during those times has lost
value.
Metros close to but more affordable than New York City post
largest jumps in home value; Midwest also sees gains
The total value of homes in Newark, NJ rose 12.8% year over year
to $359.6 billion in December—a larger gain than any other metro.
Next come two other East Coast metros: New Haven, CT (11.9%) and
Camden, NJ (10.8%). Ranking fourth is Charleston, SC (10.8%),
followed by three Midwest metros: Elgin, IL (10.4%), Grand Rapids,
MI (9.8%) and Milwaukee (9.7%).
Places like Newark and Camden are likely seeing home values jump
in part because they’re attracting demand from people who are
priced out of New York and can now work remotely. Midwestern metros
like Milwaukee and Grand Rapids are experiencing home value gains
for a similar reason: They’re affordable, and when mortgage rates
and home prices are elevated, demand for affordable homes goes
up.
Home values aren’t holding up as well in pricey metros and
pandemic boomtowns
Four metros saw declines in overall home value: Boise, ID
(-3.8%), New York (-1%), New Orleans (-0.8%) and Stockton, CA
(-0.7%). The metros with the smallest increases were Philadelphia
(0.3%), Honolulu (0.8%), Austin, TX (1%), Denver (1.3%) and
Riverside, CA (1.6%).
Most of the metros above have something in common: They’ve
become unaffordable for many homebuyers, so home values no longer
have much room, if any, to rise, because there’s a cap on demand.
New York, Honolulu, Riverside and Denver all have median home sale
prices of at least $550,000—well above the national median of
$402,343. And in Boise and Austin, which also have median sale
prices above the national level, many people are priced out because
an influx of out-of-towners caused home values to skyrocket during
the pandemic.
Home values in urban areas aren’t holding up as well as those
in the suburbs, rural areas
The total value of homes in urban areas rose 3.6% year over year
to $10.1 trillion in December. Meanwhile, the value of homes in the
suburbs rose 5.6% to $29.2 trillion and the value of homes in rural
areas increased 6.3% to $7.4 trillion.
The suburbs came back into vogue during the pandemic while
cities fell out of favor—largely due to the shift to remote work
and the housing affordability crisis. While cities have bounced
back to some extent as employers have asked workers to return to
the office, many Americans still work remotely, incentivizing
homebuying and building in far-flung, affordable areas.
Suburban housing has a much higher total value than rural and
urban housing simply because most Americans live in the suburbs.
There are about 56 million residential properties in the suburbs,
compared with just over 20 million each in rural and urban
areas.
To view the full report, including charts, metro-level data and
methodology, please visit:
https://www.redfin.com/news/housing-market-value-december-2023
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228911848/en/
Redfin Journalist Services: Ally Braun 206-588-6863
press@redfin.com
Redfin (NASDAQ:RDFN)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Redfin (NASDAQ:RDFN)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024