Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation4

Market Watch

Recovery added $11.3 trillion to housing value in 2010s

Email A Friend Printer Friendly Version
0 comments
Market Watch
Wednesday, January 29, 2020

The total value of every home in the U.S. is $33.6 trillion, nearly as much as the GDP of the two largest global economies combined in the U.S. ($20.5 trillion) and China ($13.6 trillion), according to a new Zillow analysis.

Since 2010, when the market was battling to regain its footing in the wake of one of the largest housing downturns on record, the national housing market added $11.3 trillion in value – a more than 50 percent increase.

About 14 percent of that gain was from new stock entering the market, with the remainder from increased values of the existing stock, underlining just how much home values rose during last decade’s recovery and then explosion.

California made up 21.2 percent of the nation’s housing value representing 12 percent of the population. To put that into context, the next most populous state, Texas, makes up 8.8 percent of the population, but only 5.9 percent of the country’s housing value, according to Zillow.

To exceed the $7.1 trillion worth of homes in California, you’d need to combine the next four states on the list: New York ($2.7 trillion), Florida ($2 trillion), Texas ($2 trillion) and Washington ($1.1 trillion).

With $66 billion each, North Dakota and Wyoming have the smallest shares of the U.S. housing market.

At a more local level, three metros are beyond the trillion-dollar barrier – New York ($3.2 trillion) Los Angeles ($2.5 trillion) and San Francisco ($1.6 trillion). Los Angeles was the only market to add more than a trillion dollars of housing during the 2010s, adding $1.1 trillion.

Three of the five metros that gained the most value were in California, as San Francisco ($827 billion), New York ($657 billion), San Jose ($360 billion) and Seattle ($356 billion) followed Los Angeles at the top.

“In 2010, Americans were grappling with falling home values, unsold subdivisions, and sky-high foreclosure rates, while policymakers were working to stimulate demand,” Zillow Economist Jeff Tucker said in the report. “A decade later, we’re facing a very different set of challenges, as a persistent shortage of new homes and starter homes has kept home prices rising out of reach for many would-be first-time home buyers. More and more of the nation’s wealth is now tied up in our homes, as workers in some of the world’s most economically productive cities, such as San Francisco, San Jose and Seattle, have raced to get a foothold in homeownership there, driving up prices with their fierce competition. Most of this growth has come from rising prices for the same homes, not from actually building more homes, a troubling trend when it comes to affordability.”

In the vast majority of the country, according to Zillow, home value appreciation accounted for most of the growth in the total value of the housing stock last decade, including 86 percent of the growth nationally. 

Today's other top stories
An examination of appraisers’ non-lending skills
An analysis of the 2023 mortgage financing space
CoreLogic acquires real estate marketing firm
Clear Capital launches UDC
ASA, Valutico partner


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1235 times.
A Twitter List by ValuationReview

Print Edition - April 3, 2023

News by Topic   Special Reports   Events   Subscribe
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
 
 
2023 State of the Industry
2022 Appraisal Technology
Voice of the Appraiser
Finding and Training the Next Generation
Appraising in a New Environment
Green Appraisals
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
News by Edition   About   Other Publications    
February 20, 2023
March 6, 2023
March 20, 2023
April 3, 2023
Archives
 
Valuation Review
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
Dodd Frank Update
RESPA News
The Title Report
The Legal Description
   
Copyright © 2002-2023 Valuation Review
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.valuationreview.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> RESPA News
> The Title Report
> The Legal Description
> The October Store
Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
Sponsored Content
Current Edition
March 6, 2023
February 20, 2023
February 6, 2023
January 23, 2023
Archives
2023 State of the Industry
2022 Voice of the Appraiser
Appraisal Technology
Real Estate Compliance Outlook
Best Practices
Finding & Training the Next Gen
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2023 Economic Forecast Series
Compliance Series
Manufactured Housing
Appraising Office Space Today
CFPB Unconstitutionally funded?
Eminent Domain
Move to ANSI Standards
Keys For Operational Efficiency
New DEI Regulations
Drones Do's and Don'ts
How to be an Expert Witness
Webinar Archives
Executive Interview Series
Social Media
Valuation Review
Contact Us
Advertise
Are You An Expert
Subscriber Agreement