Report: Total US Home Value At $49.6 Trillion Record High

The total value of US homes gained $3.1 trillion during the past 12 months, a 6.6% year-over-year spike that resulted in a new record high of $49.6 trillion, according to a data report from Redfin (NASDAQ: RDFN).

On a decade-over-decade measurement, the total value of US homes climbed nearly 120% from $22.7 trillion in June 2014.

Among the nation’s major metro areas, 13 markets posted year-over-year double-digit percentage gains in total property value, most notably in New Brunswick, New Jersey (up 13.3% to $582.6 billion), Newark, New Jersey (up 13.2% to $406.2 billion), Anaheim, California (up 12.1% to $1.1 trillion), Charleston, South Carolina (up 11.8% to $188.9 billion), and New Haven, Connecticut (up 11.8% to $91 billion). Eight metros recorded total home values over $1 trillion, doubling from four a year ago.

Cape Coral, Florida, was the only major metro with a year-over-year decline in total home value, falling 1.6% to $204.2 billion.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao. “Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up. That’s great news for the millions of American homeowners who see their equity rising, but first-time buyers are going to keep finding it tough to find an affordable home.”