Zillow's Chief Economist Reveals Winners and Losers in America's Housing Market

According to Zillow's chief economist, homeowners who are downsizing are considered "lucky" in the current housing market, as U.S. homes have collectively appreciated by 50% since January 2020. The top five states with the highest housing market value increases include California, Florida, New York, Texas, and New Jersey. Baby boomers, who make up the largest demographic selling homes, are driving prices and demand in some markets. However, not all homeowners can benefit from rising home values due to outstanding mortgages and high interest rates, causing the housing market to be "frozen." A drop in mortgage rates may help defrost the market.