Homeowners with mortgages gained about $17,000 in equity in just the third quarter of 2020 alone. That is the largest equity gain since 2014, according to data from CoreLogic, a real estate research firm.
“There is robust home price appreciation and that builds wealth for those who own a home,” according to Laurie Goodman, vice president at the Urban Institute.
But a shortage of homes for sale is prompting home prices to rise fast and that is shutting out many buyers. The median existing-home price in December was $309,800, up nearly 13% compared to a year earlier, according to the National Association of Realtors.
National Association of Realtors, Realtor Magazine
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