Homeowners have gained almost $150K in wealth over the past 5 years

If you own a home, congratulations: You likely gained six figures in equity since 2019.“A typical homeowner accumulated $147,000 in housing wealth in the last five years,” said National Association of Realtors Chief Economist Lawrence Yun in the latest quarterly report.That’s a profit of $29,400 per year—nearly half of the average U.S.salary.But even with the rapid price appreciation over the past few years, the likelihood of a housing market crash is minimal, according to Yun.“Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows,” said Yun.Gains in home equity weren’t limited to some regions of the country either.

Approximately 90% of metros experienced home price gains in the third quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%.Single-family existing-home sales prices climbed in 87% of the measured metro areas—196 of 226—in the third quarter, down from 89% in the prior quarter.Fifteen markets—or 7%—experienced double-digit annual price appreciation, down from 13% in the previous quarter.“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” said Yun.The national median single-family existing-home price grew 3.1% from a year ago, to $418,700, according to the NAR.Where did homes fly off the listing pages the most in July through September? Of all the single-family existing-home sales in the U.S., 45.1% were in the South.However, the Northeast came out on top regarding home prices, with a 7.8% increase year over year.It was followed by the Midwest, at 4.3%; the West, at 1.8%; and the South, at 0.8%.Homeowners smack dab in the Midwest have reason to celebrate as Illinois home prices skyrocketed in the third quarter.Four of the top 10 metros with the largest year-over-year median price increases were in the Prairie State.Every metro in the top 10 experienced double-digit gains of at least 10.6%....