Equities accounted for a record 39.9% of US household net worth in the latest quarter covered by the Federal Reserve's quarterly Financial Accounts report, while owners' equity in residential real estate fell to 19.3%. The 20.6-percentage-point gap reflects a shift since the third quarter of 2022, with equity exposure rising 12.6 points and housing's share declining 3.5 points. Households held $185.65 trillion in net worth, including $74.03 trillion in directly and indirectly held corporate equities and $35.81 trillion in residential real-estate equity. Stock-market gains have driven most of the change, while home prices have lagged inflation. The next Financial Accounts release in December will show whether the gap widened further in the third quarter.