The Z.1 Financial Accounts of the United States for Q2 2023 show an increase in the market value of households' real estate assets, rising by $2.43 trillion to reach $44.50 trillion. This marks a 5.78% quarterly increase following three consecutive quarters of decline, primarily driven by low inventory in the housing market.
Despite a Q2 increase, the market value of owner-occupied real estate experienced a slight 0.14% decrease compared with the previous year, marking two consecutive quarters of year-over-year declines, the first back-to-back quarterly decreases since Q2 2012, the National Association of Home Builders' Eye on Housing reports.
Real estate secured liabilities of households’ balance sheets, i.e., mortgages, home equity loans, and HELOCs, increased over the second quarter from $12.76 trillion to $12.85 trillion, a 0.71% quarterly increase. Year-over-year, real estate liabilities have increased 4.14% from $12.34 trillion in the second quarter of 2022. The year-over-year growth of real estate liabilities has fallen from 9.96% in the first quarter of 2022 but remains positive.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
