HOUSING INVENTORY

Housing Stock*

As of the second quarter of 1998, the estimate of the total housing stock, 117,401,000 units, was 0.5 percent above the level of the first quarter of 1998 and 1.5 percent above 1997's second-quarter level. The number of occupied units was up a statistically insignificant 0.4 percent from last quarter and was 1.4 percent above the same quarter in 1997. Owner-occupied homes were a statistically insignificant 0.6 percent above the level of the first quarter of 1998 but 1.9 percent above the second quarter of 1997. Rentals increased a statistically insignificant 0.1 percent from last quarter and also increased a statistically insignificant 0.6 percent from the second quarter of 1997. Vacant units increased a statistically insignificant 1.4 percent from last quarter and a statistically insignificant 1.5 percent from 1997's second quarter.

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

Vacancy Rates

The 1998 second-quarter national rental vacancy rate, at 8.0 percent, increased a statistically insignificant 4 percent from the first quarter of 1998 and was up a statistically insignificant 1 percentage point from the level of the second quarter of 1997. The homeowner vacancy rate, at 1.7 percent, unchanged from the previous quarter, was up a statistically insignificant 6 percent from the second 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 was 66.0 percent in the second quarter of 1998, up a statistically insignificant 0.2 percentage point from last quarter and up 0.5 percentage point from the second quarter of 1997. The homeownership rate for minority households decreased a statistically insignificant 0.9 percentage point from the first quarter and increased a statistically insignificant 0.9 percentage point from the second quarter of 1997. The 58.9-percent homeownership rate for young households was up a statistically insignificant 0.2 percentage point from last quarter's rate and was up a statistically insignificant 0.5 percentage point from 1997's second quarter.

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