Value of U.S. Housing Market Shrunk the Most Since 2008, But Not in RI
Thursday, February 23, 2023
The value of the United States housing market shrunk by the most since the Great Recession, according to a report in Bloomberg.
But, that may not be the same trend in Rhode Island, where the median price of the single-family home has remained at about $400,000 for more than six months.
One top Rhode Island relator in Rhode Island, Josh Cullion of Mott & Chace Sotheby International, said he believes prices will continue an upward swing in 2023.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"If I were to guess, I want to say maybe we'll be in that $450,000 [median price of a single-family home] maybe $425,000 range...given what might transpire, you know, similar to last year,” said Cullion.
In Rhode Island, data trends point to further competition.
The median price of a single-family home was $392,750 in January — list price up 8% year over year.
Sales price up 6.2% year over year.
And, inventory is down 23%.
“It is crazy out there,” said Cullion.
Nationally
“After peaking at $47.7 trillion in June, the total value of US homes declined by $2.3 trillion, or 4.9%, in the second half of 2022, according to real estate brokerage Redfin. That’s the largest drop in percentage terms since the 2008 housing crisis when home values slumped by 5.8% from June to December,” reported Bloomberg.
“The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom,” Redfin economics research lead Chen Zhao told Bloomberg. He also pointed out that the total value of homes remains roughly $13 trillion higher than it was in February 2020.
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