At the end of 2022, the cost of housing in the United States fell sharply

In the second half of 2022, the total value of residential homes in the United States decreased by $2.3 trillion, or 4.9%, to $45.3 trillion, according to a report by real estate broker Redfin Corp.

The drop was a record since 2008, when the financial crisis was raging in the country. The main reason for such a sharp reduction was the increase in mortgage rates, which put pressure on the demand for real estate.

San Francisco was the hardest hit – the value of residential real estate assets in the city fell by 6.7%, to $517.5 billion at the end of 2022. At the same time, in Miami, the indicator soared by 19.7% to $468.5 billion.

Redfin notes that even taking into account the recent decline, the cost of housing in the United States has increased by about $13 billion during the pandemic, that is, since February 2020.