Connecticut homeowners each gained an average of $20,000 in home equity during the first quarter as home values in the state rose, according to an analysis by economists at real estate data firm CoreLogic.

Connecticut’s experience, and that of many other East Coast states, bucks a national trend. CoreLogic’s analysis shows American homeowners with mortgages lost a combined $108.4 billion in home equity last quarter on a year-over-year basis, a decline of 0.7 percent. At the same time, CoreLogic said, the total number of mortgaged homes with negative equity stayed static on a quarter-over-quarter basis, at 1.2 homes or 2.1 percent of all mortgaged properties, although the figure was up 4 percent on a year-over-year basis.

Connecticut homeowners came in second among those seeing per-mortgaged-home equity gains in New England. The average mortgaged home in Rhode Island saw a $24,000 increase in home equity year-over-year in the first quarter, while those in Maine saw a $23,000 bump, Connecticut saw a $20,000 increase and New Hampshire saw a $16,000 increase. Massachusetts residential mortgagees, however, lost an average of $2,000 in equity. Vermont was not analyzed due to a lack of sufficient data, CoreLogic said.

Home values – what CoreLogic based its analysis on – are not the same as the median sale price in a given area. However, the two do track each other.

“Home equity trends closely follow home price changes,” CoreLogic Chief Economist Selma Hepp said in a statement. “As a result, while the average amount of equity declined from a year ago, it increased from the fourth quarter of 2022, as monthly home prices growth accelerated in early 2023.”

Data from the Warren Group, publisher of The Commercial Record, shows the statewide median single-family sale price was up 1.45 percent year-over-year in April, while the year-to-date sale price was up 0.76 percent. The statewide edian condominium sale price was up 17.26 percent on the same basis in April, while the year-to-date median condo sale price was up 15.59 percent.

Massachusetts homeowners average year-over-year loss was unusual among states on the East Coast, with only New York state and Washington, D.C. recording losses in equity: $3,000 and $14,000 per mortgaged home, respectively. Most of the losses were concentrated in Western states, with California leading the pack at a roughly $60,000 in lost equity per homeowner.

“The average U.S. homeowner now has more than $274,000 in equity — up significantly from $182,000 before the pandemic,” Hepp said. “Also, while homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses, forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity.”