The total value of U.S. homes fell by $2.3T over the second half of 2022.
Despite the drop, U.S. homes remained 6.5% more valuable in December than they were a year earlier, according to real estate brokerage firm Redfin.
U.S. homes lost 4.9% of their value in the second half of 2022.
- The plunge marked the U.S. housing market's biggest six-month drop in percentage terms since the crisis of 2008.
- The median U.S. home sale price fell to $383,249 last month from $433,133 in May 2022.
- The sharpest declines were in cities with historically high property prices, including San Francisco and New York.
- House prices in Miami, Florida remained 20% higher in December than they were a year prior.
- Many people moved from big cities to more affordable locations during the pandemic as companies shifted to remote work.
- Cities in Sun Belt states with lower taxes saw home prices fare better during the second half of 2022 than other areas.
