Based on CoreLogic's Homeowner Equity Report for the first quarter of 2024, U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 9.6% year over year.
The California Association of Realtors is reporting that only seventeen percent of the state's homebuyers could afford to purchase a median-priced, existing single-family home in California in the first-quarter 2024.
Based on data from ATTOM's newly released first-quarter 2024 U.S. Home Equity & Underwater Report, 45.8 percent of mortgaged residential properties in the United States were considered equity-rich in the first quarter.
Like many economic metrics, the journey toward stabilizing the U.S. housing market is fraught with challenges. Although there has been a modest recovery in home sales and inventories from last year's lows, elevated mortgage rates continue to hamper affordability, deterring many potential buyers.