The recent analysis from Redfin indicates that the US housing market inched its way higher to nearly hit $47 trillion in value. That is an increase of $400 billion from 2022.
This steady climb is attributed to the historic shortage of availability of homes for sale on the market. As housing inventory continues to decline and mortgage rates continue to increase, fewer Americans are able to enter the real estate market. According to the Redfin report, the value has increased by 19.1% over the course of the last 2 years.
High mortgage rates are deincentivizing sellers from moving since the mortgage rates have doubled over the last year and a half. This makes it even more difficult for first-time home buyers as people are more reluctant to sell homes that would end up costing them more money to finance. The Redfin report indicates that approximately 90% of homeowners currently have an interest rate under 6%.
Not all markets have shown an increase; Los Angeles reported the largest decline in its aggregate home value with a loss of $152.6 billion since June 2022.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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