The US housing market suffers its largest drop since 2008, with a decrease of $2.3 tn or 4.9% in the second half of 2022, Invest-Gate reports.

This decline followed a peak of $47.7 tn in June 2022 and was the largest percentage drop since the 2008 housing crisis, when values dropped by 5.8% from June to December.

In addition to record-high prices, homebuyers are impacted by mortgage rates that more than doubled last year.

Despite the decrease, the median sale price of US homes in January was $383,249, down from a high of $433,133 in May 2022.

Chen Zhao, economics research lead at Redfin, notes that while the market has lost some value, most homeowners will still benefit from the pandemic housing boom, with the total value of homes remaining about $13 tn higher than in February 2020.