Despite the Fed's consecutive interest rate hikes over the past year aimed at slowing down the economy and lowering real estate prices, this strategy has not been effective. Instead, the housing market has become the most unaffordable period in US history.

According to the latest report from real estate brokerage firm Redfin, the total value of US housing increased by $3.1 trillion to $49.6 trillion in the past year.

Calculated as a percentage, the total value of the US real estate market increased by 6.6% year-on-year. The media said:

"This obviously makes the Fed chairman, who has been hoping to lower house prices by raising interest rates, very embarrassed."

Meanwhile, the total value of US housing has increased by almost 120% in the past decade, doubling from $22.7 trillion in June 2014.

Chen Zhao, Redfin's director of economic research, said:

"Due to insufficient housing inventory to push prices down, the total value of the US real estate market may exceed the $50 trillion mark in the next 12 months."

"Mortgage rates have started to decline, but many potential sellers and buyers are waiting to act, which means that we may continue to see a slow uptick in prices. This is good news for millions of American homeowners who see their assets rising, but first-time homebuyers will continue to find affordable housing difficult to come by."

Some analysts pointed out:

"This is a conservative statement. If they cannot afford a house during the most aggressive interest rate cycle since Volcker, the upcoming rate cut will certainly not make things easier."

The number of urban areas with a value of over trillions has climbed. Rural housing value growth rate surpasses that of cities and suburbs.

According to statistics, the number of urban areas with housing values exceeding $1 trillion has grown to 8, double the number of four a year ago. Anaheim, Chicago, Phoenix, and Washington, D.C. join the "trillion-dollar club" in New York, Los Angeles, Atlanta, and Boston. In the past year, the total property value of 13 major metropolitan areas has achieved double-digit percentage growth.

If housing prices continue to rise at similar rates, analysts expect San Diego and Seattle to join this group in the next 12 months.

It is worth noting that the growth rate of housing values in rural areas exceeds that of cities and suburbs, with an annual growth rate of 7%, reaching $7.8 trillion. The total value of housing in urban areas increased by 6% to $10.3 trillion, and the value of housing in suburbs broke through the $30 trillion mark for the first time, increasing by 6.8% to $30.1 trillion.

Editor/ping