"But while the national market edged higher, several large states saw their housing values decline. Florida's housing stock lost $109 billion in the past year, California lost $106 billion and Texas lost $32 billion. Conversely, New York posted the biggest gain, adding $216 billion, or about one-quarter of the national increase. Even as buyers struggled with rising costs, U.S. housing wealth kept climbing, Orphe Divounguy, senior economist at Zillow, said in the analysis."
"New construction opened the door for many first-time homeowners, creating trillions in wealth that didn't exist five years ago. Home value gains are a windfall for longtime homeowners, but they also highlight how housing deficits that sent prices soaring left behind many aspiring first-time buyers. The bottom line is that we need more homes to solve our chronic affordability crisis."
U.S. housing wealth rose overall while several large states lost value: Florida lost $109 billion, California lost $106 billion and Texas lost $32 billion over the past year. New York added $216 billion, about one-quarter of the national increase. Since 2020, California (+$3.4 trillion), Florida (+$1.6 trillion), New York (+$1.5 trillion) and Texas (+$1.2 trillion) saw the biggest overall increases, though three of those four declined in the past year. New construction added $2.5 trillion since early 2020, about 12.5% of nationwide gains, enabling more first-time homeowners in fast-growing states.
Read at www.housingwire.com
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