Homeowner Equity Falls for First Time in Years

Average U.S. homeowner with a mortgage has less home equity than a year earlier
Homeowner equity per borrower was $274,070 in the first quarter, down 1.9% from the same quarter last year.
Homeowners with a mortgage lost a combined $108.4 billion in home equity between the first quarter of last year and the first three months of 2023.
Sales of previously occupied U.S. homes fell 23.2% in the 12 months ended in April, marking nine straight months of annual sales declines of 20% or more.
Washington, California and Utah saw the largest average home equity decline at $74,300, $59,600 and $37,700, respectively.