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Wealth

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.

Bloomberg business news
Fed Likely to Keep 25 Bps Pace of Rate Hikes: Kroszner

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.