America’s Housing Stock Increases $1.7 Trillion

America’s Housing Stock Increases $1.7 Trillion

The housing market received both good and bad news as of lately:  the good news is that America’s housing stock is now worth $27.5 trillion, an increase of $1.7 trillion over the last year.  The bad news is that U.S. home values rose to 6 percent year-over-year through November, the smallest annual gain since June 2013, according to Zillow’s Stan Humphries.

The aggregate value of all homes nationwide is expected to be approximately $27.5 trillion by year’s end, up more than $1.7 trillion (6.7 percent) year-over-year and the third consecutive annual increase.  It is a testament to just how huge and important the housing sector is to the overall economy that gains of more than a trillion dollars in one year represents only single-digit percentages of the total market.  Humphries says.

Although home values continue to grow, they are rising much more slowly than earlier in the year, currently a pace last seen in mid-2013.  Over the next 12 months, from November 2014 to November 2015, home values are predicted to rise 2.4 percent, to slightly less than $182,000.

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America’s Housing Stock Increases $1.7 Trillion (RIS Media Article)