Housing Stock*

At the end of the third quarter of 2002 the estimate of the total housing stock, 123,425,000 units, was up a statistically insignificant 0.4 percent from the second quarter of 2002 and increased a statistically insignificant 1.8 percent above 2001’s third-quarter level. The number of occupied units increased a statistically insignificant 0.3 percent from 2002’s second quarter and rose 1.7 percent above the third quarter of 2001. Owner-occupied homes increased a statistically insignificant 0.8 percent from the second quarter of 2002 and were up 1.5 percent above last year’s third quarter. Rentals decreased a statistically insignificant 0.9 percent from the previous quarter but increased a statistically insignificant 2.1 percent from the third quarter of 2001. Vacant units were up 1.3 percent from last quarter and decreased 2.9 percent from 2001’s third quarter.

Vacancy Rates

The homeowner vacancy rate, at 1.7 percent, was unchanged from the second quarter of 2002 but was down 0.2 percentage point from the third quarter of 2001.

The 2002 third-quarter national rental vacancy rate, at 9.1 percent, increased 0.6 percentage point from the previous quarter and was up 0.7 percentage point from the same quarter of last year.

Homeownership Rates

The national homeownership rate was 68.0 percent in the third quarter of 2002, up 0.4 percentage point from last quarter but was down a statistically insignificant 0.1 percentage point from the third quarter of 2001. The homeownership rate for minority households, at 49.1 percent, increased 0.6 percentage point from the second quarter of 2002 but decreased a statistically insignificant 0.1 percentage point from the third quarter of 2001. The 61.2-percent homeownership rate for young households was down a statistically insignificant 0.3 percentage point from the second quarter of 2002 and decreased 1.1 percentage point from 2001’s third quarter.