Strong demand for housing last year kept home prices surging, and that means more homeowners are now sitting on more cash in the form of home equity.
Collectively, homeowners with mortgages saw their equity increase by just over 8 percent in 2018, according to CoreLogic. That is from a combination of home value gains and borrowers paying down their mortgages. It adds up to roughly $678 billion in additional wealth over the last year — or about $9,700 per homeowner.
Of course all real estate is local, and so were the gains. Homeowners in Western states saw the biggest annual increases in home equity, with Nevada homeowners now about $29,000 richer. Idaho homeowners gained close to $27,000 and Californians just short of $20,000. Washington state, New York and Florida homes also saw big equity gains. There were, however, some losses. Homeowners in North Dakota, Louisiana and Connecticut saw their equity drop.