According to Zillow’s report, the value of the US housing market reached a cumulative 33.3 trillion dollars in 2018, of which California contributed nearly a third of the growth.
Zillow Real Estate (Real Estate) data shows that since the bottom in 2012, the US housing market has increased by US $ 10.9 trillion in value and is currently over US $ 4 trillion compared to the time. peak period of housing bubble.
Specifically, the New York / North New Jersey region is the single most valuable housing market in the country, accounting for nearly 10% of the total market value. However, 4 of the 10 most valuable cities are in California, including Los Angeles, San Francisco, San Jose and San Diego.
The California housing market has grown by US $ 3.7 trillion since the beginning of 2012. Analysis of the data also shows that this is the only state that has achieved more than US $ 1 trillion since the market fell into Depression.
Zillow data also notes that the housing markets in Las Vegas, San Jose and Atlanta have recorded double-digit value growth in 2018. Meanwhile, housing values in Chicago only reached the lowest increase was 1.6%, equivalent to 12.5 billion USD.
There are 10 states that have yet to regain lost property values during the recession. Although holding the second position in contributing to the recovery of the housing market – about $ 937.9 billion, or 8.6%, the total value of all homes in Florida is still less than 263.9 billion. USD against the peak ever recorded.
According to Aaron Terrazas, senior economist at Zillow, 2018 marked an unusually strong growth of real estate across the country, however, the growth rate slowed down in the second half.
“The stability period is often ahead of a period of uncertainty, and the prospects for 2019 will not be as bright as 2018,” said Terrazas.
Contrary to the pre-existing housing boom, in recent years, many Americans have been reluctant to make decisions about housing spending. With an uncertain future ahead, Mr. Terrazas said that this psychology of consumers is quite understandable.