US household wealth rose in the third quarter to a fresh record as the stock market continued to rally.
Household net worth climbed nearly $6.1 trillion from the prior quarter to $181.6 trillion, a Federal Reserve report showed Friday. The value of Americans’ equity holdings increased $5.5 trillion.
The Fed’s report also showed the value of real estate holdings fell $287 billion, reflecting a sluggish housing market.
Meanwhile, consumer borrowing, including mortgages, rose at a 4.1% annualized pace, the most since 2022.
