Homeowners see slower equity gains as housing market cools

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Homeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools. Average homeowner equity per borrower increased to $298,380 in the second quarter, according to CoreLogic. That works out to $3.6 trillion in equity gained by U.S. homeowners with a mortgage, which represent about 63% of all homes, the real estate information company said. Average homeowner equity jumped 25.3% from the second quarter last year, but the gain was smaller than in the first three months of 2022, reflecting a more moderate pace of home price growth.