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As people fled cities looking for more space during the pandemic, US home values surged 13.4%, or $4 trillion, to reach $33.4 trillion in February 2021 from $29.4 trillion in February 2020, according to a new report from Redfin.

Five cities— Jacksonville, Fla., Austin, Texas, Charlotte, NC, Phoenix and Sacramento, Calif.,–helped drive the Redfin gains. Redfin notes that these “relatively affordable, sunny destinations” attracted homebuyers from dense, coastal cities.

 

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