In this paper, we generalize the Koopman–Hill projection method, which was recently introduced for the numerical stability analysis of periodic solutions, to be included immediately in classical real-valued harmonic balance (HBM) formulations. We incorporate it into the Asymptotic Numerical Method (ANM) continuation framework, providing a numerically efficient stability analysis tool for frequency response curves obtained through HBM. The Hill matrix, which carries stability information and follows as a by-product of the HBM solution procedure, is often computationally challenging to analyze with traditional methods. To address this issue, we generalize the Koopman–Hill projection stability method, which extracts the monodromy matrix from the Hill matrix using a matrix exponential, from complex-valued to real-valued formulations. In addition, we propose a differential recast procedure, which makes this real-valued Hill matrix immediately available within the ANM continuation framework. Using as an example a nonlinear von Kármán beam, we demonstrate that these modifications improve computational efficiency in the stability analysis of frequency response curves.