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Massachusetts homeowners each lost an average of $2,000 in home equity during the first quarter as home values fell, according to an analysis by economists at real estate data firm CoreLogic.

The 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.

“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.”

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.

Every other New England state saw double-digit gains in home equity save Vermont, where CoreLogic researchers said they were unable to gather enough data to perform an analysis. 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.

Greater Boston homeowners with mortgages lost even more equity, though. CoreLogic reported they suffered an average $5,900 drop in home equity year-over-year, although only 1.8 percent of mortgaged homes have negative equity right now. Compared to peer metros, Boston-area residential mortgagees were in a similar position to residents of D.C. and its suburbs (average $5,300 loss), New York City ($5,100 average gain), Chicago ($6,600 average gain), Houston ($6,900 gain) and Miami ($54,300 average gain). But they were ahead of metro-area residents in Las Vegas ($28,800 average loss), Denver ($29,600 average loss), Los Angeles ($45,600 average loss) and San Francisco ($174,000 average loss).

But not all is gloomy, CoreLogic’s Hepp said.

“The average U.S. homeowner now has more than $274,000 in equity — up significantly from $182,000 before the pandemic,” Hepp continued. “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.”

CoreLogic’s report comes at a confusing time in the local housing market.

The Warren Group, publisher of Banker & Tradesman, reported that the median single-family sale price in April was down 1.2 percent year-over-year and the median condominium sale price was down 3.1 percent, unusual after months of steady increases. Local market-watchers suggested at the time that those figures could be driven by the relatively small number of homes trading hands, which would magnify the effect of what types of homes were trading hands, and a relatively slow start to the market in February.

But the most recent Case-Shiller S&P CoreLogic Home Price Index reported Greater Boston home values – different from the median sale price – were still up 0.8 percent in March over the same time in 2022, with values up 1.3 percent from February to March.