Homeowners are still finding plenty of equity in their homes, but the gains are slowing. Homeowners with a mortgage saw their equity rise by 9.4 percent over the past year, according to CoreLogic’s latest Home Equity Report. The average homeowner gained $12,400 in home equity between the third quarter of 2017 and the third quarter of 2018. That is lower than the more than $16,000 year-over-year gain in equity reported in the second quarter, CoreLogic notes.
“On average homeowners saw their equity increase again this quarter, but not nearly as much as in previous quarters,” says Frank Nothaft, CoreLogic’s chief economist. “The lower year-over-year gain reflects the slowing in appreciation.”
Still, nearly every state posted an increase in equity among homeowners in the third quarter. Western states saw the most significant increases in the third quarter, according to the report. For example, California homeowners recorded an average gain of about $36,500 in home equity in the third quarter; Nevada homeowners saw a $32,600 uptick.
