US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008
San Francisco and New York are slumping as the pandemic boom fizzles out, but migration to Florida has boosted Miami.
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The value of the US housing market shrunk by the most since the 2008 as the pandemic boom fizzled out.
After peaking at $47.7 trillion in June, the total value of US homes declined by $2.3 trillion, or 4.9%, in the second half of 2022, according to real estate brokerage Redfin. That’s the largest drop in percentage terms since the 2008 housing crisis, when home values slumped by 5.8% from June to December.