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U.S. housing values grew by over $2.6 trillion, fueled by new home construction
Posted on October 3, 2023 |
The US housing market experienced a notable recovery in 2023 following a brief dip in 2022.
The combined value of homes now nears $52 trillion, surpassing the previous peak by $1.1 trillion.
This resurgence is primarily driven by new construction, which introduced more homes to the market.
Despite higher mortgage rates, demand remained robust, leading to an uptick in new home sales.
As long as interest rates remain at higher levels, new construction is anticipated to continue leading the market.