The U.S. housing market has seen remarkable growth over the past year, with its total value surging by more than $2.6 trillion since the start of the COVID-19 pandemic, Zillow reports. Major cities such as New York, Los Angeles, San Francisco, Boston, and Miami lead in housing value, but on a state-by-state basis, Florida's real estate market has overtaken New York to secure the second-place spot behind California.
A significant driver of this growth is new construction, helping to alleviate housing shortages driven by a decline in existing inventory coming onto the market. Builders in housing hotspots like Florida are catering to budget-conscious buyers by offering smaller, more affordable homes and incentives such as interest-rate buydowns.
California remains a behemoth with more than $10 trillion of value in its housing market; nearly 20% of the national total. Florida, New York, Texas and New Jersey round out the top five. Massachusetts, which had the fifth most valuable housing market on the eve of the pandemic, slots in at sixth now. Washington has fallen from fifth a year ago to seventh today.
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