The value of residential real estate broke a new record $52 trillion

The U.S. housing market has surged over the past year after a temporary hiccup from July 2022-January 2023. Higher mortgage rates then contributed to a decline in the total value of residential real estate as potential buyers reconsidered their plans and residential investment fell. That downturn has proven to be short lived as housing has rebounded impressively so far in 2023, with the total value of the U.S. housing market surging by more than $2.6 trillion over the past year.

While a small chunk of this growth can be attributed to a 1.3% rise in the average value of a US home over the past year, the powerhouse behind this surge has been new construction. Builders have chipped away at the housing deficit as a steady flow of new homes have hit the market this spring and summer.

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Source: Zillow

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