HOUSING INVENTORY

Housing Stock*

As of the first quarter of 1998, the estimate of the total housing stock, 116,770,000 units, was 0.8 percent above the level of the fourth quarter of 1997 and 1.5 percent above 1997's first-quarter level. The number of occupied units was up a statistically insignificant 0.5 percent from the last quarter and was 1.4 percent above the same quarter in 1997. Owner-occupied homes were a statistically insignificant 0.8 percent above the level of the fourth quarter of 1997 but 2.2 percent above the first quarter of 1997. Rentals decreased a statistically insignificant 0.2 percent from the last quarter and a statistically insignificant 0.2 percent from the first quarter of 1997. Vacant units increased 3.1 percent from the last quarter and 2.4 percent from 1997's first quarter.

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

Vacancy Rates

The 1998 first-quarter national rental vacancy rate, at 7.7 percent, showed no change from the fourth quarter of 1997 and was up a statistically insignificant 0.2 percentage points from the level of the first quarter of 1997. The homeowner vacancy rate, at 1.7 percent, unchanged from the previous quarter, also held constant from the first quarter of 1997.

1Major changes related to the survey effective with 1994 first-quarter data. ** Statistically insignificant change. Source: Bureau of the Census, Department of Commerce

Homeownership Rates

The national homeownership rate was 65.9 percent in the first quarter of 1998, up a statistically insignificant 0.2 percentage point from the last quarter and up 0.5 percentage point from the first quarter of 1997. The homeownership rate for minority households increased a statistically insignificant 0.4 percentage point from 1997's fourth quarter and increased 2.6 percentage points from the first quarter of 1997. The 58.8-percent homeownership rate for young households was up a statistically insignificant 0.5 percentage point from the last quarter's rate and was up a statistically insignificant 1.2 percentage points from 1997's first quarter.

** Statistically insignificant change. Source: Bureau of the Census, Department of Commerce