Insufficient supply offsets the impact of high interest rates, with US house prices rising 7% year-on-year

The shortage of supply in the US real estate market has led to a 7% year-on-year increase in house prices. Despite the Federal Reserve's consecutive rate hikes to lower prices, the total value of the real estate market has increased by $3.1 trillion in the past year, a year-on-year growth of 6.6%. Due to insufficient housing listings to push prices down, it is expected that the total value of the real estate market will surpass the $50 trillion mark in the next 12 months. This makes it difficult for first-time homebuyers to find affordable housing, but it is good news for homeowners. Mortgage rates have started to decline, but many potential sellers and buyers are still waiting on the sidelines