The WPJ

Seattle

$2 Trillion of U.S. Home Value Gains Enjoyed in 2023

National property broker Redfin is reporting this week that the U.S. housing market gained $2.4 trillion over the last year, bringing its total value to $47.5 trillion. That's based on an analysis of the Redfin Estimate for more than 90 million U.S. residential properties as of December 2023.

U.S. Owners Stay in Their Homes on Average 12 Years Now

Based on Redfin's latest market data, the typical U.S. homeowner has spent 11.9 years in their home, up from 6.5 years two decades ago. Homeowner tenure peaked at 13.4 years in 2020, just when the pandemic set off a moving frenzy, and has declined since then.

U.S. Mortgage Rates Uptick in Early February

Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.64 percent as of February 8, 2023.

U.S. Commercial, Multifamily Borrowing Dives 25 Percent Annually in Late 2023

Based on the Mortgage Bankers Association's latest Quarterly Survey of Commercial and Multifamily Mortgage Bankers Originations, commercial and multifamily mortgage loan originations in the U.S. were 25 percent lower in the fourth quarter of 2023 compared to a year earlier and increased 13 percent from the third quarter of 2023.

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