According to CoreLogic’s latest Home Equity Reportfor the fourth quarter of 2017, US homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase 12.2% year over year, representing a gain of $908.4bn since the fourth quarter of 2016.

Additionally, homeowners gained more than $15,000 in home equity between the fourth quarter of 2016 and the fourth quarter of 2017. While home equity grew nationwide, western states experienced the largest increase. Washington homeowners gained an average of approximately $40,000 in home equity, and California homeowners gained an average of approximately $44,000 in home equity.

On a quarter-over-quarter basis, from the third quarter of 2017 to the fourth quarter of 2017, the total number of mortgaged homes in negative equity decreased 1% to 2.5m homes, or 4.9% of all mortgaged properties. Negative equity in the fourth quarter of 2017 decreased 21% year over year from 3.2m homes - or 6.3% of all mortgaged properties - in the fourth quarter of 2016.

“Home-price growth has been the primary driver of home-equity wealth creation,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The CoreLogic Home Price Index grew 6.2% during 2017, the largest calendar-year increase since 2013.”