In the past year homeowners with mortgages, representing about 63% of properties, have seen their equity increase 10.8%. Collectively among all homeowners this equates to $1 trillion in gained equity over the course of the last year. This gain marks the highest increase of home equity in over six years. According to CoreLogic’s chief economist, the strong home price growth experienced over the last year has created a record level of home equity for homeowners. Obviously, this differs state by state. Washington homeowners increased their home equity by an average of $35,800, while the lowest average annual equity gain was in North Dakota at only $5,400. The rising prices nationwide are due to the increased demand for housing and decreased supply among other factors. The millennial generation aging into home buying age and record low interest rates are also adding to the increased demand for housing.
Connect With Us
