The total value of all homes in the United States gained $2 trillion in value in 2017, and is now valued at a total of $31.8 trillion. The New York metropolitan market represent 8% of the value of all U.S. housing, reported to be $2.6 trillion.
– The entire U.S. housing stock gained $2 trillion in value over the past year.
– The value of all U.S. homes grew 6.5% in 2017, the fastest pace in four years.
– Los Angeles, New York and San Francisco are the most valuable housing markets, each worth more than $1 trillion.
The drivers for the strong real estate market is attributed to:
■ Improving economy
■ Relatively low mortgage rates
■ Strong buyer demand
■ Relatively low mortgage rates
■ Strong buyer demand
■ Historically low housing inventories
The cumulative value of the U.S. housing market grew at a 6.5% pace, marking its best result since 2013. For comparison purposes, it was back in 2013 when the value of all U.S. homes rose by a historic 8% annually following the housing crash in 2008-9.
The total housing market has gained $9 trillion since the lowest levels of the Great Recession.
The trajectory of values is expected to continue its upward trend despite the recent changes in the tax laws affecting interest deductions and state income tax deductions.