Source: Yahoo! Finance —
Just after mortgage rates spiked to 6%, George Reedy put his South Carolina home on the market in July 2022. He needed to sell for personal reasons. He was also worried that by listing after mortgage rates had spiked, he’d miss out on the frothy prices hit at the top of the Pandemic Housing Boom just months earlier.
“Originally, I thought we’d run into problems, I thought we’d sell for $350,000… But, we were on the market for less than a week, and had an offer,” Reedy tells Fortune.
Reedy ended up fetching his list price of $465,000 for his two-story craftsman-style home in Taylors, S.C. That’s 95% higher than the $238,500 he had paid for the four-bedroom home in 2015.
Even as the ongoing housing slump sees national home prices come down a bit from the peaks hit during the Pandemic Housing Boom, most homeowners are still up big-time. In fact, among the 46 states tracked by CoreLogic, 42 states saw average home equity levels rise between the fourth quarter of 2021 and the fourth quarter of 2022. Only California, Idaho, Utah, and Washington saw average equity levels fall between that year-over-year period.
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