Redfin Corp. RDFN said Wednesday the total value of homes in the U.S. totaled $45.3 trillion at the end of 2022, which is down about $2.3 trillion, or 4.9%, from the June 2022 peak of $47.7 trillion. That marked the biggest decline for any June-to-December period since the 2008, during the financial crisis, the real estate services company said. The housing market has been declining as rising mortgage rates have hurt demand. The hardest hit area was San Francisco, which saw the total value of homes in December fall by $37.3 billion, or 6.7%, from a year ago to $517.5 billion, while Miami saw the value of its homes surge by $77 billion, or 19.7%, in December to $468.5 billion. “The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom,” said Redfin Economics Research Lead Chen Zhao. “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.” Redfin’s stock has soared 72.3% over the past three months but has still tumbled 64.8% over the past 12 months. In comparison, the S&P 500 SPX has slipped 0.2% the past three months and declined 7.1% the past year.
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