HOUSING INVENTORY

Housing Stock*

As of the fourth quarter of 1998, the estimate of the total housing stock, 117,589,000 units, increased a statistically insignificant 0.2 percent from the third quarter of 1998 and 1.5 percent above 1997's fourth-quarter level. The number of occupied units rose from last quarter by a statistically insignificant 0.5 percent and was 1.4 percent above the same quarter in 1997. Owner-occupied homes were down a statistically insignificant 0.1 percent from the third quarter of 1998 but 2.5 percent above the fourth quarter of 1997. Rentals increased 1.7 percent from last quarter and decreased a statistically insignificant 0.7 percent from the fourth quarter of 1997. Vacant units were down 2.3 percent from last quarter and increased 2.2 percent from 1997's fourth 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 fourth-quarter national rental vacancy rate, at 7.8 percent, decreased a statistically insignificant 0.4 percentage point from the third quarter of 1998 and was up a statistically insignificant 0.1 percentage point from the level of the fourth quarter of 1997. The homeowner vacancy rate, at 1.8 percent, was up a statistically insignificant 0.1 percentage point from the previous quarter and was up a statistically insignificant 0.1 percentage point from the fourth 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 66.4 percent in the fourth quarter of 1998, down a statistically insignificant 0.4 percentage point from last quarter, but increased 0.7 percentage point from the fourth quarter of 1997. The homeownership rate for minority households decreased a statistically insignificant 0.2 percentage point from the fourth quarter and increased 0.9 percentage point from the fourth quarter of 1997. The 60.7-percent homeownership rate for young households was up a statistically insignificant 0.1 percentage point from last quarter's rate and was up 2.2 percentage points from 1997's fourth quarter.

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