IE Business Daily Business news for the Inland Empire.
The U.S. housing market gained $2.4 trillion between the end of 2022 and the end of last year, according to a study release Feb. 28.
The total value of U.S. homes increased 5.3 percent year-over-year, the largest increase in 11 months, and was up 13.3 percent – $5.6 trillion – from two years earlier, a Seattle-based real estate brokerage reported.
Home values in Riverside went up 1.6 percent between December of 2022 and December 2023, one of the smallest increases of any major metropolitan area during that time.
“America’s homeowners are sitting pretty,” said Chen Zhao, Redfin’s economics research lead, in a statement. “They’re holding a massive amount of housing wealth, despite lackluster demand from buyers, because home values skyrocketed during the pandemic and now a supply shortage is preventing those values from falling.”
