Home values reached new record

Home values reached new record

Home values reached new record
Homeowners in the U.S. were given some positive news last week as new data shows they are sitting on more real estate wealth than ever. According to a new report from the Federal Reserve, the value of all U.S. owner-occupied homes increased to an all-time high of $29.2 trillion as of the third quarter 2019. This represents a gain of 4.2 percent from the previous year.

As home values climbed, homeowner equity followed. American residential property owners have amassed $18.7 trillion of equity in their homes the Fed reported.

The collective value of homes in the U.S. is currently 21 percent higher than the during the pre-recession housing bubble of 2006.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.