Due to rising real estate prices and a strong stock market, U.S. household net worth increased by more than 3,000 trillion won in the second quarter alone.
According to the Federal Reserve (Fed) announcement on the 12th (local time), at the end of the second quarter, U.S. household net worth was $163.8 trillion (approximately 22 quadrillion won), an increase of $2.76 trillion (about 3,700 trillion won, 1.7%) compared to the previous quarter. During the second quarter, the value of real estate assets and stock holdings owned by households increased by $1.75 trillion (approximately 1,340 trillion won) and $662 billion (approximately 886 trillion won), respectively.
Bloomberg News analyzed this as "a result of the steady upward trend in the value of real estate and stocks owned by Americans." The prolonged high interest rates reduced the supply of existing homes on the market, continuing the upward trend in housing prices. In June, the U.S. 'CoreLogic Case-Shiller Home Price Index (based on 20 cities)' rose 6.5% year-over-year, reaching an all-time high. The U.S. stock market also maintained strength during the second quarter. The S&P 500 index rose about 4% during the second quarter.
Meanwhile, during the second quarter, U.S. corporate debt increased by 3.79% (annualized quarter-over-quarter), and household debt rose by 3.15%. Federal government debt increased by 6.31%, and local government debt rose by 5.97%, respectively.
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