Mansion Global Daily: U.S. Housing Market Now Worth Record $52 Trillion

U.S. Housing Market Now Worth Record $52 Trillion

The total value of the U.S. housing market has surged 49% since the start of the pandemic, and more than $2.6 trillion over the past year alone, to a record $52 trillion. Of the six markets where property values have grown the most since before the pandemic, four are in Florida—Tampa, Miami, Jacksonville and Orlando. Unsurprisingly, these gains have helped the Sunshine State surpass New York as the second most valuable housing market in the country. California, with more than $10 trillion of value in its housing market, remains at the top of the ranking. Zillow 

Darwin Ranks as Australia’s Most Tightly Held Capital City

Homeowners in Darwin, the capital city of Australia’s Northern Territory, are less likely to move than any other city residents in the country. Darwin residents hold onto their houses for a median period of 12 years and, for their apartment units, 11 years. Sydneysiders, meanwhile, have a typical tenure of 10 years in houses and eight years in units. In Darwin, “most times when a family outgrows a unit, they buy a house and keep the unit as an investment property,” said Rachel Baldock of Elders Real Estate Darwin. Domain

Dubai’s Real Estate Market Logged a Stellar Summer 

The Dubai real estate market logged AED 102 billion (US$27.7 billion) in property sales this summer, according to data released by brokerage W Capital. Last summer, the total spent on homes in the city stood at AED 68 billion. Meanwhile, transactions were 30% higher this summer compared to last. “The summer sales results were in line with all expectations, with the promising market recording the best summer season in its history in terms of sales value,” said Walid Al Zarooni, W Capital CEO. Arabian Business 

U.S. Property Prices Hit New Record in July 

U.S. home prices reached a new record high in July, pushed up by historically low inventory. Values rose 0.6% from June and were up 1% from the same time last year, the prior peak, according to the S&P CoreLogic Case-Shiller National Home Price Index. “The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite [index],” said Craig Lazzara, managing director at S&P Dow Jones Indices. CNN