U.S. homeowners who have a mortgage saw their equity increase by 5.6% over the past year, according to the Home Equity Report, released Thursday by CoreLogic. The average homeowner gained $6,400 in home equity between the first quarter of 2018 and the first quarter of this year. (U.S. homeowners with mortgages account for about 63% of all properties nationwide.)
Some states saw larger gains than others. For example, Nevada homeowners gained an average of about $21,000; Idaho homeowners gained $20,700; and Wyoming owners saw a $20,300 uptick.
“The country continues to experience record economic expansion as illustrated by these increases in home equity,” says Frank Martell, president and CEO of CoreLogic. “We expect home equity to continue increasing nationally in 2019, albeit at a slower pace than in recent years.”
While equity is on the rise, the share of households in negative equity—those who owe more on their mortgage than their home’s current value—continued to drop in the first quarter. The share of negative equity households dropped to 4.1% of all mortgaged properties in the first quarter, or about 2.2 million residential properties. Negative equity peaked at 26% in the fourth quarter of 2009 and has steadily decreased since then.
About 17,000 residential properties climbed out of negative equity territory in the first quarter.