The U.S. housing market has regained the nearly $3 trillion in value that was wiped out during
Many homeowners locked in cheaper mortgage rates before borrowing costs started surging last year, leaving them reluctant to give up those loans.
The owners are "staying put because moving would mean taking on a rate that's twice as high," Chen Zhao, Redfin Economics research lead, said in the report. "This means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging."
Atlanta's homes had the biggest jump in value, rising $40.1 billion from last June. Boston posted a $33.4 billion gain, while values in Miami were up $30.3 billion.
On a percentage basis, the largest gains were in relatively affordable markets. Little Rock, Arkansas, homes saw an 8.8% gain from a year earlier, where values in Camden, New Jersey, rose 8.7%. The more-reasonable set of costs in those cities likely bolstered buyer demand, according to Redfin.
Values fell from a year earlier in 32 metropolitan areas, and California cities were among the hardest hit. Los Angeles had the largest decline — nearly $153 billion — followed by Oakland, with almost $86 billion. San Francisco home values decreased about $58 billion.
