A
t the start of 2025, the total value of owner-occupied real estate stood at $47.9 trillion, a slight drop from the previous quarter's high but still among the top four values on record. Home equity also reached its fourth-highest level at $34.5 trillion. Mortgage debt continued to rise, hitting a new record-high of $13.4 trillion.

    Key takeaways include:

    The value of homes remains elevated, with a total value that has more than doubled since mid-2016 and gained $0.96 trillion in the past year despite a recent pullback.

    Mortgage debt growth accelerated in 2025Q1, reaching a new high of $13.4 trillion, driven by an increase of $45.3 billion from the previous quarter and $374.5 billion (2.9%) from the same period last year.

    Home equity experienced a $0.25 trillion drop in the first quarter but rose nearly $0.59 trillion over the past year, reaching $34.5 trillion. Equity as a proportion of real estate value stood at 72.0%, higher than any time between 1961 and 2023 except for all quarters in 2024.

    High home equity provides a significant cushion for homeowners and the economy, with homeowner equity remaining above 65% even if homes were to lose 20% of their value overnight.