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t the end of 2024, owner-occupied real estate reached a total value of $48.1 trillion, its third-highest level on record. Home equity also peaked at $34.7 trillion, while mortgage debt hit an all-time high of $13.3 trillion.

    Key takeaways from the data include:

    The value of homes remains elevated despite a slight drop in Q4 2024. Over the past year, home values have increased by $3.2 trillion and more than doubled since mid-2016.

    Mortgage debt continues to grow, reaching a new high of $13.3 trillion in Q4 2024, with an annual increase matching pre-pandemic levels.

    Home equity experienced a significant drop in Q4 2024 but still rose by nearly $3.2 trillion over the past year, totaling $34.7 trillion. As a proportion of real estate value, home equity stands at 72.2%, its highest level since before 1960.

    High home equity provides a crucial cushion for homeowners and the economy, with even a 10% drop in home values leaving homeowner equity at 69.5%. A 20% decline would still leave equity at 65.6%, comparable to levels seen in 2019.