LOS ANGELES—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 reached $298,380 in the second quarter, according to data from CoreLogic.
That works out to $3.6 trillion in equity gained by U.S. homeowners with a mortgage, which represent about 63 percent of all homes, the real estate information company said.
Average homeowner equity jumped 25.3 percent from the second quarter last year and rose 6.6 percent from the first three months of this year. That’s a smaller year-over-year and quarterly increase than in the first three months of 2022, reflecting a more moderate pace of home price growth as the housing market has cooled amid sharply higher mortgage rates….