“Prices, as well as the rate of growth, have remained firm despite rising rates and tightening affordability largely because of the continuing shortage of homes for sale,” the report stated.
While inventory levels improved slightly in March, there were still 38% fewer homes on the market than the 2017-2019 average.
The resilient home price growth translated into record-breaking levels of tappable home equity for existing mortgage holders.
“Such strong price gains continue to plague would-be homebuyers in today’s higher-rate environment, but for existing homeowners, the picture keeps growing brighter,” said Andy Walden, vice president of enterprise at ICE.
At the end of Q1 2024, mortgage holders held a record $16.9 trillion in total home equity, of which $11 trillion was considered tappable equity available for access while retaining at least 20% equity.
