HOUSING INVENTORY

Housing Stock*

As of the third quarter of 1998, the estimate of the total housing stock, 117,368,000 units, was unchanged from the second quarter of 1998 and 1.4 percent above 1997's third-quarter level. The number of occupied units was unchanged from last quarter and was 1.0 percent above the same quarter in 1997. Owner-occupied homes were up 1.2 percent above the level of the second quarter of 1998 and up 2.3 percent above the third quarter of 1997. Rentals decreased 2.3 percent from last quarter and decreased 1.5 percent from the third quarter of 1997. Vacant units were unchanged from last quarter and increased 3.8 percent from 1997's third quarter.

*Components may not add to totals because of rounding. Units in thousands. Source: Bureau of the Census, Department of Commerce

Vacancy Rates

The 1998 third-quarter national rental vacancy rate, at 8.2 percent, increased a statistically insignificant 0.2 percentage point from the second quarter of 1998 and was up a statistically insignificant 0.3 percentage point from the level of the third quarter of 1997. The homeowner vacancy rate, at 1.7 percent, unchanged from the previous quarter, was up 0.2 percentage point from the third quarter of 1997.

1Major changes related to the survey effective with 1994 first-quarter data. ** This change is not statistically significant. Source: Bureau of the Census, Department of Commerce

Homeownership Rates

The national homeownership rate set a new record high with a rate of 66.8 percent in the third quarter of 1998. This represents a 0.8 percentage point increase from both the last quarter and the third quarter of 1997. The homeownership rate for minority households increased 1.3 percentage points from the second quarter and increased 1.4 percentage points from the third quarter of 1997. The 60.6-percent homeownership rate for young households was up 1.7 percentage points from last quarter's rate and was up 2.8 percentage points from 1997's third quarter.

** This change is not statistically significant. Source: Bureau of the Census, Department of Commerce