The NAHB’s Eye on Housing recently analyzed data from the Federal Reserve’s Z.1 Financial Accounts of the United States, which shows that in Q3 2023 household real estate assets grew for the second consecutive quarter. Interestingly, they say that the continued lack of existing for-sale inventory has contributed to that growth.
The level of household real estate assets increased by $510.25 billion from $45.03 trillion in the second quarter of 2023 to $45.54 trillion in the third quarter of 2023, a 1.33% increase. While the third quarter percentage change is smaller on a quarter-over-quarter basis, 1.33% compared to 5.86%, the year-over-year percent change in the third quarter is significantly higher than the second. Between the third quarter of 2023 and 2022, household real estate assets increased 4.65% on a year-over-year basis while the second quarter change between 2023 and 2022 was marginal at 0.47%.
Click here to read the full report at the NAHB’s Eye on Housing.
