The net worth of Black households increased more than other racial groups during the pandemic, according to a report by CNBC that cites a recent study.

“The average net worth among Black households rose to more than $340,000 through the third quarter of last year from the end of 2019, marking an increase of 32% over just 11 quarters, according to research from Wells Fargo using data from the Federal Reserve Board,” CNBC reported.

Conversely, non-Black families’ wealth rose 21 percent during the same period. Wells Fargo compiled the data from the Federal Reserve Board.

However, experts said the racial wealth gap is still staggering and the data from such a short period may not reflect a true long-term trend.

“There’s been progress directionally, but there’s still a huge gap,” Jay Bryson, chief economist at Wells Fargo, told CNBC. “This is a step in the right direction, but there’s still a lot of progress that needs to be made here.”

The increases came mainly from a rise in home values and homeownership among Black Americans.

“What happened was home prices in general went up more among lower price points than they did upon higher price points,” Bryson said. “Given the income gap, Black families probably are going to be overrepresented in lower price points.”

Due to Black Americans being less engaged in the stock market and having less diversified financial portfolios, they also didn’t get hit as hard by the market’s losses.

“The good thing was Black families weren’t hit as bad because of that,” Bryson said. “The bad thing is they aren’t as diversified as what they probably should be, but it certainly did help at least in terms of last year. … It is a blessing in disguise.”

Dedrick Asante-Muhammad is the chief of organizing, policy and equity at National Community Reinvestment Coalition. He said he wants to see long-term gains for Black families.

“I don’t think it signifies any true bridging in racial wealth inequality,” Asante-Muhammad said. “What we want to see is substantial homeownership increases, long-term home value increases, income and maybe in 401(k)s and stocks.”

PHOTO: In this June 15, 2018 photo, cash is fanned out from a wallet in North Andover, Mass. On Thursday, Aug. 20, the Federal Reserve reports on household wealth for the April-June quarter. (AP Photo/Elise Amendola)