Housing Stock*

At the end of the first quarter of 2003 the estimate of the total housing stock, 120,249,000 units, was down a statistically insignificant 3 percent from the fourth quarter of 2002 but increased a statistically insignificant 1.3 percent above 2002’s first-quarter level. The number of occupied units decreased a statistically insignificant 3.3 percent from 2002’s fourth quarter but rose 0.9 percent above the first quarter of 2002. Owner-occupied homes decreased 3.7 percent from the fourth quarter of 2002 but were up 1.2 percent above last year’s first quarter. Rentals decreased a statistically insignificant 2.4 percent from the previous quarter and increased a statistically insignificant 0.5 percent from the first quarter of 2002. Vacant units were down 1.1 percent from last quarter but increased 3.8 percent from 2002’s first quarter.

Vacancy Rates

The homeowner vacancy rate, at 1.7 percent, was unchanged from the fourth quarter of 2002 and was unchanged from the first quarter of 2002.

The 2003 first-quarter national rental vacancy rate, at 9.4 percent, was up a statistically insignificant 0.1 percentage point from the previous quarter and was up a statistically insignificant 0.3 percentage point from the same quarter of last year.

Homeownership Rates

The national homeownership was 68 percent in the first quarter of 2003, down 0.3 percentage point from last quarter but up 0.2 percentage point from the first quarter of 2002. The homeownership rate for minority households at 49.3 percent, decreased 0.4 percentage point from the fourth quarter of 2002 but increased 0.4 percentage point from the first quarter of 2002. The 60.2-percent homeownership rate for young households was down 2.1 percentage points from the fourth quarter of 2002 and decreased 0.9 percentage point from 2002’s first quarter.