Home prices

A shortage of listings has pushed up prices, boosting the total value of US homes to a record $47 trillion, Redfin reported. 

Active listings fell in July on an annual basis, while median home prices also showed signs of a downward trend, according to new data from Realtor.com.

Values are very likely to dip in the metros considered among the most desirable during the pandemic.

Some have moved to appeal their property assessments, with counties in Maryland like Dorchester, Somerset and Garrett seeing the rate of homeowners petitioning home values jump 987%, 827% and 454%, respectively in 2023.

The mortgage industry may be largely in the dark about the process, which could save homeowners potentially thousands of dollars a year.

In the Pacific region and Mountain states recorded real estate value drops compared to last year, the Federal Housing Finance Agency found.

The bottom five metros have an average five-year median home value appreciation of 35.46%.

The top five metros have an average five-year median home value appreciation of 48.49%.

Contract closings declined 3.3% to a 4.16 million annualized pace, roughly in line with economists' forecasts, National Association of Realtors data showed Thursday.

The nearly 8% growth on a seasonally adjusted annualized basis is well above the historical average, according to the government-sponsored enterprise.