While a study published earlier this week revealed that, by one measure, the amount of outstanding home equity hit a record $17 trillion, the share of homes considered equity rich, with loan-to-value ratios of 50% or lower, hit a two-year low to begin the year. The 45.8% share in the first quarter has dipped for three consecutive quarters, and is smaller than the 47.2% mark at the same time last year. 

Homes seriously underwater, or with loan-to-value ratios of 125% or greater, meanwhile rose quarterly from 2.6% to 2.7% in the first quarter. Median single-family home and condominium values slipping 4% over the winter was a factor in the setbacks, Attom said.

"The windfalls are starting to erode bit by bit amid mounting signs that the market is no longer so super-heated," said Rob Barber, Attom CEO, in a press release.

The company, which utilizes data from more than 155 million properties, said it's too early to make broad statements about the market's direction given the traditionally slower fall and winter seasons. 

Tight inventory, and mortgage rates still above 7% as of Friday, according to Lender Price, are keeping homeowners put and home prices elevated. The nation's property owners hold almost $17 trillion in equity, and $11 trillion in "tappable" equity, according to an Intercontinental Exchange finding earlier this week. 

The share of underwater mortgages rose in 37 states, and in 1 of every 37 homes nationwide in the first quarter, according to Attom. Kentucky suffered a rough first quarter with the largest quarterly drop in equity-rich properties, from 35.4% to 28.7%, and the greatest gain in underwater homes from 6.3% to 8.3%. The Bluegrass State is also home to two of the top-five zip codes with the greatest share of seriously underwater homes, in Columbia and Princeton.