"U.S. Housing Market Surges by $2 Trillion, Impacting Homebuyers and Owners"
The national housing market has grown to $47.5 trillion, with a $2.4 trillion increase over the last year, driven by the allure of remote work. Affordable metropolitan areas saw the largest jumps in home values, while pricey metros and pandemic boomtowns experienced declines. Suburbs saw a 5.6% increase in home values to about $29 trillion, while urban areas saw a 3.6% increase and rural areas saw a 6.3% increase. Homeowners are holding onto their properties due to low mortgage rates, leading to a limited supply of homes for sale and propping up values. Prospective buyers are facing affordability challenges, but mortgage rates are expected to decline in the future.