SEATTLE (KOMO) — If you’re waiting for a break in home prices, a new report from Seattle-based Redfin might convince you to get what you can.
According to their data, the U.S. housing market gained $2.4 trillion in value over the last year. The total value now is $47.5 trillion.
That’s based on more than 90 million residential properties nationwide. Mortgage rates may drop this year, but buyers still face limited supply.
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“If you look at national listings across the U.S., we have 40% fewer listings today than we had in 2019. So if you’re trying to shop for a home, don’t think that you’re going to be flush with options,” said Ali Wolf, Chief Economist with Zonda.
Areas seeing the biggest price jump are cities in the Northeast and Midwest. Homes in urban areas are also more expensive than a year ago, but residential properties in the suburbs saw a bigger boost.
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“What we are seeing in the housing market is right now we are living through a record housing affordability shock,” said Zonda.
In Seattle, the entire housing market is now worth more than $911 Billion, up 4.6% from last year.
Tacoma saw an even bigger jump, gaining 5.6% in total value.
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If you’re watching mortgage rates, hoping a break will help you compete, hold on.
Interest rates could be cut three times this year and economists said that could start as early as May.
