A “For Sale” sign is displayed in front of a new home in a housing development as a maintenance worker sweeps the street in Fairfax, Virginia, on Aug. 22, 2023. (Andrew Caballero-Reynolds/AFP via Getty Images) The housing market in the United States has shown remarkable recovery so far in 2023, with a new Zillow estimate putting the overall value of the market at $51.9 trillion, $1.1 trillion higher than the previous peak reached in June 2022. That total value also represents a 49 percent increase over home values prior to the start of the pandemic in February of 2020.
While a small portion of this growth can be attributed to a 1.3 percent increase in the average value of a house over the last year, new home construction has been the driving force behind the surge.
The Zillow report also shows that developers are starting to adapt to the needs of […]
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