Home Prices Create Windfall for Owners

Homeowners are building wealth as property appreciation surges to its highest level since 2014. In the third quarter, the average homeowner had gained about $17,000 in equity year over year, according to CoreLogic’s latest Home Equity Report. Owners in Washington State saw the largest annual increase in home equity at $35,800, followed by California at $34,000.

“The housing market has remained a strong pillar in an otherwise tumultuous economic year,” says Frank Martell, president and CEO of CoreLogic. “A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

Source: Realtor Magazine, “Homeowner Equity Report,” CoreLogic (Dec. 10, 2020)

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