America’s homes are now worth a record $55.1 trillion, a massive $20 trillion jump since the eve of the pandemic, according to a new Zillow analysis of U.S. housing markets. But growth has slowed in the past year as high costs cooled buyer demand, with U.S. housing gaining a modest $862 billion.

For most households, a home is their biggest financial asset, meaning even modest changes in value can ripple through family budgets and the broader economy. This year’s shifts show how the geography of home value gains is rotating away from pandemic boomtowns, as well as the role new construction is playing in shaping long-term housing wealth.

“Even as buyers struggled with rising costs, U.S. housing wealth kept climbing,” said Orphe Divounguy, senior economist at Zillow. “New constructio

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