Homeowner equity continues to rise despite challenging housing market

Dated: July 8 2024

Views: 54

American homeowners continue to build significant equity — even with a sluggish housing market and a slowdown in rising home prices. According to CoreLogic, U.S. homeowners with a mortgage gained $28,000 in equity on average year over year in the first quarter of 2024, marking the highest gains since late 2022. Implications in the equity gains vary, but the increase since the Covid-19 pandemic mean homeowners are gaining wealth, said Selma Hepp, chief economist at CoreLogic. Higher-priced housing markets like the Northeast saw more substantial annual gains. Hepp said it’s possible the gains in equity are locking in some homeowners, similar to the lock-in effect being experienced by homeowners who are reluctant to move due to a sub-3% mortgage rate. On the flip side, gains in equity have prompted some Americans to sell their homes and relocate from an expensive market to one deemed more affordable.
Source: Philadelphia Business Journal; 6/17/2024

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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