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.
CoreLogic said the housing market has remained a strong in an otherwise tumultuous economic year. Record-low interest rates is spurring a sharp rise in demand, which 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.