The housing market in the United States has shown remarkable recovery so far in 2023, with a new Zillow estimate putting the overall value of the market at $51.9 trillion, $1.1 trillion higher than the previous peak reached in June 2022. That total value also represents a 49 percent increase over home values prior to the start of the pandemic in February of 2020.
While a small portion of this growth can be attributed to a 1.3 percent increase in the average value of a house over the last year, new home construction has been the driving force behind the surge.
