When you buy a home, you want to gain equity in that home over time.
So, when it comes to equity, how did homeowners fare over the past year? According to the most recent Home Equity Insights Report from CoreLogic, homeowners did very well.
According to the report, homeowners gained, on average, approximately $64,000 in equity between Q1 2021 and Q2 2022—although many states saw much larger average equity gains for homeowners, including California ($141,000), Hawaii ($139,000), and Washington ($119,000). Overall, U.S. homeowners with mortgages (which makes up 62 percent of all properties) saw their equity increase by a whopping $3.8 trillion between Q1 2021 and Q2 2022—a year-over-year change of 32.2 percent.
If you’re a homeowner in Mammoth Lakes or elsewhere, chances are, you’ve gained some equity in your home over the past year—and if you’re planning to sell and/or buy a new home, understanding those equity gains is a must.