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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.

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