"US Housing Market Bounces Back, Reaching Record $47 Trillion Value Despite Mortgage Rate Surge"

The total value of U.S. homes reached a record $47 trillion in June, surpassing the previous high set a year earlier, as a shortage of homes for sale boosted housing values. Affordable markets like Little Rock and Milwaukee saw the biggest increases in value, while expensive West Coast metros and pandemic boomtowns experienced significant declines. Millennials now hold more home value than the Silent Generation, but they have also lost home equity. Luxury homes are losing value, while homes in the $250,000 to $750,000 range are gaining. Asian homeowners were disproportionately affected by the drop in home values, particularly in the West Coast. The suburbs and rural areas held up better in terms of home values compared to urban areas.