The S&P CoreLogic Case-Shiller National Index shows that U.S. prices of single-family homes continue to rise. The national index level in November reached a new high and is up 5.6 percent from a year earlier. But what does this mean for homeowners?
Home prices affect the wealth of homeowners. As the price of housing increases, the wealth of homeowners increases as well. Based on the above increase of home prices, it is estimated that owners’ equity was increased by $354 billion. That means that 75 million homeowners each gained $4,720 on average in November 2016 from a year earlier while October’s gains were $4,590 per homeowner.