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By Kerry Smith<\/div><\/div>\n

Study: Fla. leaped past New York to be No. 2 in housing values, trailing only Calif. S. Fla. (No. 5) and Tampa (No. 18) made the \u201ctop 20 most valuable metros\u201d list.<\/span><\/span><\/p>\n<\/div>\n

SEATTLE \u2013 The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction.<\/span><\/span><\/p>\n

Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine State took over the No. 2 spot, bumping New York State down to third place. California retains the top spot with more than $10 trillion of value \u2013 nearly 20% of the U.S. total.<\/span><\/span><\/p>\n

In a list of the top 20 U.S. metros based on the total value of their real estate, two Florida metro areas make the list:<\/span><\/span><\/p>\n

5. Miami-Fort Lauderdale: $1,269.8 billion, up $100.5 billion since June 2022 \u2013 8.6%<\/span><\/span><\/li>\n
18. Tampa: $521.1 billion, up $18.5 billion since June 2022 \u2013 3.7%<\/span><\/span><\/li>\n<\/ul>\n
While \u201ctotal real estate value\u201d is always a squishy concept \u2013 the equivalent of an automated appraisal for every piece of property in America \u2013 the trending changes don\u2019t surprise many real estate professionals.<\/span><\/span><\/p>\n
The total value of the U.S. housing market \u2013 the sum estimated value for every U.S. home \u2013 is now slightly less than $52 trillion, or $1.1 trillion higher than a previous peak reached in June 2022. A small chunk of that growth can be attributed to a 0.7% rise in the average value of a U.S. home during that time, but the main value change comes from new construction. <\/span><\/span><\/p>\n
\u201cA steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,\u201d says Orphe Divounguy, Zillow senior economist. \u201cEnough buyers remained to keep the market moving. \u2026 New home sales rose this year while existing home sales fell, and (new homes) should make up a bigger piece of the home sales pie for as long as rates remain elevated.\u201d <\/span><\/span><\/p>\n
The four most valuable metro areas have remained largely unchanged over the past five years: New York, Los Angeles, San Francisco and Boston. But a new entrant from Florida, Miami, claimed the fifth spot, jumping all the way from ninth as recently as May 2021. Miami\u2019s value surge pushed Washington, D.C., out of the top five.<\/span><\/span><\/p>\n
Metros gaining the most value<\/span><\/span><\/h3>\n
Of the six markets where housing gained the most value since the start of the pandemic, four are in Florida:<\/span><\/span><\/p>\n
\n
Tampa: Up 88.9%<\/span><\/span><\/li>\n
Miami: Up 86.6%<\/span><\/span><\/li>\n
Jacksonville: Up 82.4%<\/span><\/span><\/li>\n
Orlando: Up 72.3%<\/span><\/span><\/li>\n<\/ul>\n
Zillow attributes large population growth as one reason for Florida\u2019s strong new construction figures, but stronger competition for existing homes also played a role. <\/span><\/span><\/p>\n
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.<\/span><\/span><\/p>\n
20 \u2018most valuable\u2019 metros and percentage changes since June 2022<\/span><\/span><\/h3>\n
\n
New York: Up 4.2 %<\/span><\/span><\/li>\n
Los Angeles: Up 0.1\u00a0%<\/span><\/span><\/li>\n
San Francisco: Down 8.8%<\/span><\/span><\/li>\n
Boston: Up 3.4\u00a0%<\/span><\/span><\/li>\n
Miami-Fort Lauderdale: Up 8.6\u00a0%<\/strong><\/span><\/span><\/li>\n
Washington: Up 3.2\u00a0%<\/span><\/span><\/li>\n
Chicago: Up 6.9\u00a0%<\/span><\/span><\/li>\n
Seattle: Down 5.1\u00a0%<\/span><\/span><\/li>\n
San Diego: Up 1.0\u00a0%<\/span><\/span><\/li>\n
Dallas-Fort Worth: Down 0.3\u00a0%<\/span><\/span><\/li>\n
San Jose, Calif.: Down 5.2\u00a0%<\/span><\/span><\/li>\n
Phoenix: Down 2.1\u00a0%<\/span><\/span><\/li>\n
Philadelphia: Up 6.8\u00a0%<\/span><\/span><\/li>\n
Riverside, Calif.: Down 3.1\u00a0%<\/span><\/span><\/li>\n
Houston: Up 3.5\u00a0%<\/span><\/span><\/li>\n
Atlanta: Up 3.7\u00a0%<\/span><\/span><\/li>\n
Denver: Down 6.0\u00a0%<\/span><\/span><\/li>\n
Tampa: Up 3.7\u00a0%<\/strong><\/span><\/span><\/li>\n
Sacramento, Calif.: Down 5.4\u00a0%<\/span><\/span><\/li>\n
Portland, Ore.: Down 4.0%<\/span><\/span><\/li>\n<\/ol>\n
\u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith Study: Fla. leaped past New York to be No. 2 in housing values, trailing only Calif. S. Fla. (No. 5) and Tampa (No. 18) made the \u201ctop 20 most valuable metros\u201d list. SEATTLE \u2013 The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction. Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine State took over the No. 2 spot, bumping New York State down to third place. California retains the top spot with more than $10 trillion of value \u2013 nearly 20% of the U.S. total. In a list of the top 20 U.S. metros based on the total value of their real estate, two Florida metro areas make the list: 5. Miami-Fort Lauderdale: $1,269.8 billion, up $100.5 billion since June 2022 \u2013 8.6% 18. Tampa: $521.1 billion, up $18.5 billion since June 2022 \u2013 3.7% While \u201ctotal real estate value\u201d is always a squishy concept \u2013 the equivalent of an automated appraisal for every piece of property in America \u2013 the trending changes don\u2019t surprise many real estate professionals. The total value of the U.S. housing market \u2013 the sum estimated value for every U.S. home \u2013 is now slightly less than $52 trillion, or $1.1 trillion higher than a previous peak reached in June 2022. A small chunk of that growth can be attributed to a 0.7% rise in the average value of a U.S. home during that time, but the main value change comes from new construction. \u201cA steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,\u201d says Orphe Divounguy, Zillow senior economist. \u201cEnough buyers remained to keep the market moving. \u2026 New home sales rose this year while existing home sales fell, and (new homes) should make up a bigger piece of the home sales pie for as long as rates remain elevated.\u201d The four most valuable metro areas have remained largely unchanged over the past five years: New York, Los Angeles, San Francisco and Boston. But a new entrant from Florida, Miami, claimed the fifth spot, jumping all the way from ninth as recently as May 2021. Miami\u2019s value surge pushed Washington, D.C., out of the top five. Metros gaining the most value Of the six markets where housing gained the most value since the start of the pandemic, four are in Florida: Tampa: Up 88.9% Miami: Up 86.6% Jacksonville: Up 82.4% Orlando: Up 72.3% Zillow attributes large population growth as one reason for Florida\u2019s strong new construction figures, but stronger competition for existing homes also played a role. 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. 20 \u2018most valuable\u2019 metros and percentage changes since June 2022 New York: Up 4.2 % Los Angeles: Up 0.1\u00a0% San Francisco: Down 8.8% Boston: Up 3.4\u00a0% Miami-Fort Lauderdale: Up 8.6\u00a0% Washington: Up 3.2\u00a0% Chicago: Up 6.9\u00a0% Seattle: Down 5.1\u00a0% San Diego: Up 1.0\u00a0% Dallas-Fort Worth: Down 0.3\u00a0% San Jose, Calif.: Down 5.2\u00a0% Phoenix: Down 2.1\u00a0% Philadelphia: Up 6.8\u00a0% Riverside, Calif.: Down 3.1\u00a0% Houston: Up 3.5\u00a0% Atlanta: Up 3.7\u00a0% Denver: Down 6.0\u00a0% Tampa: Up 3.7\u00a0% Sacramento, Calif.: Down 5.4\u00a0% Portland, Ore.: Down 4.0% \u00a9 2023 Florida Realtors\u00ae \u2715 ADVERTISEMENT Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":8575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8574"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=8574"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/8575"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=8574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=8574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=8574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}