{"id":76614,"date":"2023-08-11T03:00:31","date_gmt":"2023-08-11T10:00:31","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76614"},"modified":"2023-08-31T13:56:19","modified_gmt":"2023-08-31T20:56:19","slug":"housing-market-value-hits-record-high-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-value-hits-record-high-2023\/","title":{"rendered":"U.S. Housing Market Recovers the Nearly $3 Trillion It Lost, Hitting Record $47 Trillion in Total Value"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>Affordable markets including Little Rock and Milwaukee saw the biggest jumps in value, while pricey West Coast metros and pandemic boomtowns faced large drops; L.A. has shed $153 billion since last summer.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>Millennials gained more value than any other generation, surpassing the Silent Generation in total worth.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>Asian homeowners were disproportionately affected by home-value declines; many live in the West, which saw an outsized drop in value.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>Luxury homes are losing value, while homes worth between $250,000 and $750,000 are posting gains.\u00a0<\/i><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The total worth of U.S. homes hit a record $46.8 trillion in June, overtaking the prior all-time high of $46.6 trillion set a year earlier, as a shortage of homes for sale propped up housing values. That\u2019s according to an analysis of the<\/span> <a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Estimate<\/span><\/a> <span style=\"font-weight: 400;\">on more than 90 million U.S. residential properties. This data is subject to revision.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-76618\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.03.47-PM.png\" alt=\"\" width=\"730\" height=\"690\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.03.47-PM.png 730w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.03.47-PM-300x284.png 300w\" sizes=\"(max-width: 730px) 100vw, 730px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The value of U.S. homes rose 0.4% ($166.2 billion) from a year earlier in June and 19.1% ($7.5 trillion) from two years earlier. The housing market has now offset the $2.9 trillion decline in value\u2014set off by rising mortgage rates\u2014that occurred from June 2022 through February 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s housing market is unique because home values are at a record high even though demand is sluggish. Despite lukewarm demand, there aren\u2019t enough homes to go around because so few homeowners are selling. This imbalance between supply and demand is keeping values afloat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe dominance of the 30-year fixed rate mortgage in America is propping up home values,\u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cTons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan. Now they\u2019re staying put because moving would mean taking on a rate that\u2019s twice as high. This means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other countries, variable-rate mortgages are more common than fixed-rate mortgages, meaning the \u201c<\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lock in<\/span><\/a><span style=\"font-weight: 400;\">\u201d effect is much less common.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Roughly nine in 10 homeowners with mortgages <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">have<\/span><\/a><span style=\"font-weight: 400;\"> a mortgage rate under 6%, which is nearly a full percentage point below today\u2019s <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.96%<\/span><\/a><span style=\"font-weight: 400;\"> average. As a result, just <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-turnover-decline-since-pandemic\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">1%<\/span><\/a><span style=\"font-weight: 400;\"> of the nation\u2019s homes have changed hands this year\u2014the lowest share in at least a decade. The number of houses for sale in the U.S. <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-june-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">dropped<\/span><\/a><span style=\"font-weight: 400;\"> 15% year over year to an all-time low in June, the biggest annual decline in nearly two years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe U.S. housing market has become a system of winners and losers,\u201d Zhao said. &#8220;The winners are homeowners who bought before mortgage rates started rising; they continue to build equity even though homebuyer demand has slowed. The losers, sadly, tend to be first-time buyers. They\u2019re entering the market at a time when it\u2019s expensive to borrow money, home prices are <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-june-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">near<\/span><\/a><span style=\"font-weight: 400;\"> their record high, and there are very few houses to choose from.\u201d<\/span><\/p>\n<h3><b>West Coast Tech Hubs, Pandemic Boomtowns Saw Biggest Drops in Home Value<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There are 32 U.S. metropolitan areas where aggregate home value declined from a year earlier in June, bucking the national trend. Eleven of those 32 are in California and seven are in Texas. This analysis includes the 100 most populous metro areas for which there was sufficient data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The value of homes in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> fell 9.6% year over year to $388.1 billion in June\u2014a larger decline than any other metro. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-8.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> (-8.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> (-7.8%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\"><span style=\"font-weight: 400;\">Los Angeles<\/span><\/a><span style=\"font-weight: 400;\"> (-6.6%). Rounding out the top 10 are <\/span><a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/14141\/CA\/Oxnard\"><span style=\"font-weight: 400;\">Oxnard, CA<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pricey West Coast markets like San Francisco and Seattle have experienced outsized declines because they\u2019re among the most expensive markets in the nation, meaning home values had more room to fall. Scores of remote workers left these areas during the pandemic in search of more space and better bang for their buck, contributing to the drop in value. Additionally, the West Coast has been hit hard by tech layoffs. Many buyers in pricey coastal markets also got sticker shock after seeing the impact of elevated mortgage rates on paper; in a metro like San Francisco, a higher rate can equate to a monthly housing bill that\u2019s thousands of dollars more expensive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The situation is somewhat similar in pandemic boomtowns; home values overheated, leaving many people priced out. Values surged in Sun Belt metros including Austin, Phoenix and Las Vegas because scores of remote workers moved in. Now, home values in those areas are coming back down to earth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOccasionally, a special house will get multiple offers, but that\u2019s not the norm in Austin anymore,\u201d said local <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/carmen-gioia\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Carmen Gioia<\/span><\/a><span style=\"font-weight: 400;\">. \u201c<\/span><span style=\"font-weight: 400;\">Buyers are shopping but taking their sweet time, in part because there\u2019s so much inventory. I\u2019m warning my sellers that it could take a few weeks to sell, even if their home is priced well.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In dollar terms, Los Angeles saw the biggest decline in aggregate home value, posting a $152.6 billion year-over-year decline in June. It was followed by Oakland (-$85.8 billion), Seattle (-$82.7 billion), Phoenix (-$58.4 billion) and San Francisco (-$57.5 billion).<\/span><\/p>\n<h3><b>Relatively Affordable Markets Posted the Biggest Gains in Home Value<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The value of homes in <\/span><a href=\"https:\/\/www.redfin.com\/city\/10455\/AR\/Little-Rock\"><span style=\"font-weight: 400;\">Little Rock, AR<\/span><\/a><span style=\"font-weight: 400;\"> climbed 8.8% year over year to $63.7 billion in June\u2014a bigger increase than any other metro. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/2570\/NJ\/Camden\"><span style=\"font-weight: 400;\">Camden, NJ<\/span><\/a><span style=\"font-weight: 400;\"> (8.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (8.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/19583\/DE\/Wilmington\"><span style=\"font-weight: 400;\">Wilmington, DE<\/span><\/a><span style=\"font-weight: 400;\"> (8.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/2070\/CT\/Bridgeport\"><span style=\"font-weight: 400;\">Bridgeport, CT<\/span><\/a><span style=\"font-weight: 400;\"> (8.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/7891\/SC\/Greenville\"><span style=\"font-weight: 400;\">Greenville, SC<\/span><\/a><span style=\"font-weight: 400;\"> (7.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/9406\/CT\/Hartford\"><span style=\"font-weight: 400;\">Hartford, CT<\/span><\/a><span style=\"font-weight: 400;\"> (7.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/3478\/SC\/Charleston\"><span style=\"font-weight: 400;\">Charleston, SC<\/span><\/a><span style=\"font-weight: 400;\"> (7.2%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/7161\/NC\/Greensboro\"><span style=\"font-weight: 400;\">Greensboro, NC<\/span><\/a><span style=\"font-weight: 400;\"> (7.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/4149\/SC\/Columbia\"><span style=\"font-weight: 400;\">Columbia, SC<\/span><\/a><span style=\"font-weight: 400;\"> (7.1%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values in these areas didn\u2019t overheat nearly as much as they did in places like Phoenix and San Francisco during the pandemic, meaning they have room to rise. In a majority of the 10 aforementioned markets, the typical home still sells for below the national median of <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-june-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$426,056<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s likely bolstering homebuyer demand, because fewer people are priced out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In dollar terms, <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\"> saw the biggest jump in aggregate home value, posting a $40.1 billion year-over-year increase in June. It was followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/1826\/MA\/Boston\"><span style=\"font-weight: 400;\">Boston<\/span><\/a><span style=\"font-weight: 400;\"> ($33.4 billion), <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\"> ($30.3 billion), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13201\/NJ\/New-Brunswick\/\"><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/a><span style=\"font-weight: 400;\"> ($22.6 billion) and <\/span><a href=\"https:\/\/www.redfin.com\/county\/2406\/PA\/Montgomery-County\"><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/a><span style=\"font-weight: 400;\"> ($21.4 billion).<\/span><\/p>\n<h3><b>Millennials Now Hold More Home Value Than the Silent Generation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The total value of U.S. homes owned by millennials rose 2.9% year over year to $5 trillion in the first quarter of 2023\u2014the most recent period for which generational data is available\u2014a bigger increase than any other generation. That\u2019s the second quarter in a row that Millennials have held more value than the Silent Generation, on a revised basis. The value of homes owned by the Silent Generation <\/span><i><span style=\"font-weight: 400;\">fell <\/span><\/i><span style=\"font-weight: 400;\">11.4% to $4.7 trillion. Meanwhile, the value of homes owned by Generation X dropped 0.7% to $13.4 trillion, and the value of homes owned by Baby Boomers was flat, at $18 trillion.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76620\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed-1024x683.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed-1536x1024.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed.png 1800w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The Silent Generation has lost home value as many of its members have passed away or moved into retirement homes. Millennials have gained value because they\u2019re in prime homebuying age, which means they\u2019re purchasing substantially more homes than they were in recent years. Millennials now make up the <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-millennial-homeownership-rate-home-purchases\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">biggest piece<\/span><\/a><span style=\"font-weight: 400;\"> of the homebuying pie, purchasing roughly 60% of homes bought with mortgages over the last several years.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76621\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1-1024x683.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1-1536x1024.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_values_by_generation_fed_yoy-2-1.png 1800w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, Millennials have <\/span><i><span style=\"font-weight: 400;\">lost<\/span><\/i><span style=\"font-weight: 400;\"> home equity. Millennial home equity declined 18.2% year over year in the first quarter\u2014a bigger decline than any other generation. That\u2019s likely because Millennials are tapping into the home equity they gained during the pandemic\u2014through products like home equity lines of credit (<\/span><a href=\"https:\/\/www.redfin.com\/definition\/home-equity-lineof-credit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HELOC<\/span><\/a><span style=\"font-weight: 400;\">)\u2014to pay off credit card debt and student loans and finance home renovations, Zhao said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76623\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy-1024x683.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy-1536x1024.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/home_equity_by_generation_fed_yoy.png 1800w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<h3><\/h3>\n<h3><b>Home Values Held Up Better in Suburbs and Rural Areas Than in Urban Areas<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The total value of homes in urban areas fell 0.9% year over year to $10.2 trillion in June. Meanwhile, the value of homes in the suburbs rose 0.2% to $29.1 trillion and the value of homes in rural areas increased 2.6% to $7.4 trillion.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76627\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.14.48-PM.png\" alt=\"\" width=\"800\" height=\"616\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.14.48-PM.png 894w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.14.48-PM-300x231.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-1.14.48-PM-768x591.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The suburbs came back into vogue during the pandemic while cities fell out of favor\u2014largely 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, <\/span><a href=\"https:\/\/fortune.com\/2023\/05\/05\/remote-work-suburbs-millennials-want-to-move-out-of-cities\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">incentivizing<\/span><\/a><span style=\"font-weight: 400;\"> homebuying in far-flung, affordable areas.<\/span><\/p>\n<h3><b>Asian Neighborhoods Experienced an Outsized Drop in Home Value<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The total value of homes in neighborhoods that are majority Asian fell 3.3% year over year to $1.3 trillion in June. By comparison, majority Hispanic\/Latino neighborhoods saw a 0.3% decline (to $1.9 trillion), while majority white neighborhoods experienced a 0.7% gain (to $38.1 trillion) and majority Black neighborhoods saw a 2.1% increase (to $1.3 trillion).<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76625\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.36.14-PM.png\" alt=\"\" width=\"800\" height=\"608\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.36.14-PM.png 713w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.36.14-PM-300x228.png 300w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">One reason Asian homeowners may be losing more value is many live on the West Coast, which has seen a relatively large dropoff in home value, Zhao said. Almost half of Asian Americans live in the West, with nearly a third in California alone, according to a 2021 <\/span><a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2021\/04\/29\/key-facts-about-asian-americans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> from Pew Research Center.<\/span><\/p>\n<h3><b>Homes Worth Between $250,000 and $750,000 Saw Biggest Jump in Value<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The total value of homes worth between $500,000 and $750,000 increased 4.1% year over year in June, and those worth between $250,000 and $500,000 saw a 4% gain. By comparison, homes worth between $2 million and $5 million experienced a 7.4% <\/span><i><span style=\"font-weight: 400;\">drop<\/span><\/i><span style=\"font-weight: 400;\"> in value, and homes worth between $1 million and $2 million saw a 2.6% decline.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76626\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.43.49-PM.png\" alt=\"\" width=\"800\" height=\"611\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.43.49-PM.png 711w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-09-at-12.43.49-PM-300x229.png 300w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Many of the country\u2019s high-end homes are located in pricey West Coast markets, which have seen outsized drops in home value. The luxury housing market has also been hit <\/span><a href=\"https:\/\/www.redfin.com\/news\/luxury-home-sales-january-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">especially<\/span><\/a><span style=\"font-weight: 400;\"> hard\u2014particularly in the <\/span><a href=\"https:\/\/www.redfin.com\/news\/luxury-home-market-june-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bay Area<\/span><\/a><span style=\"font-weight: 400;\"> and Seattle\u2014as recession fears and high home prices have caused consumers to shy away from luxury goods.\u00a0<\/span><\/p>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This analysis estimated current (June 2023) home values using the <\/span><a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Estimate<\/span><span style=\"font-weight: 400;\">, <\/span><\/a><span style=\"font-weight: 400;\">MLS data and public records. The Redfin Estimate covers more than 90 million single-family homes, condos, townhouses and multifamily properties, and is available in<\/span> <a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">most but not all<\/span><\/a> <span style=\"font-weight: 400;\">parts of the U.S. Historical values were imputed using public records and MLS data on price per square foot trends by zip code (or city, county or state when zip-code data was insufficient). Both existing homes and new-construction homes are included in this dataset, which dates back to the year 2000. Homes are not added to the dataset until they are first built or sold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homes are determined to be rural, suburban or urban based on categories for the census tract of the property from the U.S. Department of Housing and Urban Development (HUD). HUD has<\/span><a href=\"https:\/\/www.huduser.gov\/portal\/AHS-neighborhood-description-study-2017.html#overview-tab\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">a model<\/span><\/a><span style=\"font-weight: 400;\"> that describes neighborhood types based on responses to the 2017 American Housing Survey.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values by race\/ethnicity are based on a classification of the home\u2019s census tract. We classified a census tract as Black, Hispanic\/Latino, Asian or white if more than 50% of owner-occupied households were owned by Black, Hispanic\/Latino, Asian or white homeowners from 2017 through 2021, according to owner-occupied household race data from the five-year American Community Survey. A census tract was classified as mixed race if no race had greater than 50% of the owner-occupied household share in the tract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values by generation are based on the Distributional Financial Accounts <\/span><a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a> <span style=\"font-weight: 400;\">from the Federal Reserve.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values. Affordable markets including Little Rock and Milwaukee saw the biggest jumps in value, while pricey West Coast metros and pandemic boomtowns faced large drops; L.A. has shed $153 billion since last summer. [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Katz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","caption":"Lily Katz"},"description":"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=76614"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/76628"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=76614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=76614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=76614"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=76614"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=76614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}