For homeowners aged 62 and older, collective housing wealth grew once more in Q3 2022. Despite recent increases in housing wealth for seniors, the Reverse Mortgage Market Index (RMMI) indicated that wealth growth was slower in the third quarter of last year.

In the third quarter of 2022, the National Reverse Mortgage Lenders Association (NRMLA) and data analytics firm RiskSpan released the RMMI, which found seniors’ collective housing wealth in Q3 2022 grew by 1.95 percent ($226 billion) compared with Q2 2022, reaching $11.81 trillion, a record.

The RMMI now stands at 413.22, an all-time high since 2000 when the index was launched. The increase in home prices drove the increase, at roughly $268 billion, offset by an increase in senior-held mortgage debt of 1.93% (or $42 billion).

Despite the fact that many senior women own their homes, NRMLA President Steve Irwin highlighted the unique retirement savings challenges women face.

As evidenced by the previous quarterly RMMI growth levels, senior-owned home equity and home price appreciation have generally increased in recent months, but growth has been slower than in 2021 and early 2022.

Q3 2021 saw the RMMI index rise by 4%, reaching $10 trillion for the first time, while Q4 2021 saw a growth of 3.98%. RMMI grew by 4.91% in Q1 2022, the first quarter when it reached $11 trillion. There was a growth of 4.10 percent in the RMMI in Q2 2022.

Previously, in March 2019, the figure on collective senior housing wealth topped $7 trillion for the first time, and reached over $8 trillion for the first time in April 2021. It reached $9 trillion for the first time in July 2021.

The national housing market is experiencing a slowdown in appreciation. This past November, CoreLogic data showed that home prices declined to their lowest level in two years.

Yet, Selma Hepp, deputy chief economist at CoreLogic, said the losses weren’t as bad as they could have been.