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Housing Vacancies
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. |
|
|
 |
| MOST RECENT STATISTIC: |
10.6%(all rental
units)
2.5%(homeowner) |
|
|
| Grade: |
F |
| PERIOD COVERED: |
2Q2010 |
| Date Released: |
07/27/10 |
|
|
|
| Next Released: |
11/02/10 |
|
|
|
|
|
|
2Q2010 |
1Q2010 |
4Q2009 |
2Q2009 |
|
|
| Rental
Vacancies |
10.6% |
10.6% |
10.7% |
10.6% |
|
| Change |
- |
0.0% |
(0.9%) |
0.0% |
|
|
|
|
|
|
|
| Homeowner
Vacancies |
2.5% |
2.6% |
2.7% |
2.5% |
|
| Change |
- |
(3.8%) |
(7.4%) |
0.0% |
|
|
| Source:
U.S.
Census Bureau |
Analysis for the Housing Market
By:Ken Lee
Vacancy rates for homeowner units declined slightly from the previous quarter but remained unchanged from the same year-ago period. The homeowner vacancy rate eased to 2.5% which is down from the 2.6% figure in the first quarter. The homeowner vacancy rate was not statistically different than it was from the previous quarter or the same period last year. Homeowner vacancy rates are 30 basis points lower than they were this time two years ago. On a regional basis, homeowner vacancy rates increased in three out of the four regions. The Northeast had the lowest homeowner vacancy rate out of all four regions at 1.4% which is lower than the 2.0% vacancy rate recorded during this same time last year. The Midwest saw its homeowner vacancy rate increase slightly to 2.5% from 2.4% in the second quarter year-over-year period while the South increased to 2.9% from 2.7% during that time. The homeowner vacancy rate in the West increased to 2.7% from 2.4%. Higher affordability caused by falling home prices and record-low mortgage rates along with the federal homebuyer tax credit helped improve homeowner vacancy rates over the past year.
Rental vacancy rates remained unchanged at 10.6% from both the previous quarter and the same year-ago period. The rental vacancy rate now matches its lowest levels since the second quarter of last year. The Northeast and West reported the lowest rental vacancy rates nationally in the second quarter, at 8.3% and 8.0% respectively. The rental vacancy rate in the West declined from 8.9% in the second quarter of 2009 while the rental vacancy rate increased in the Northeast from 7.1% in the second quarter of last year. Rental vacancy rates in the second quarter for the South declined to 13.2% from 13.8% in the same year-ago period. The Midwest reported an increase in rental vacancy rates from the same year-ago period to 11.3% during the second quarter from 10.4% that time last year.
Definitions and Importance for the Housing Market
By:Jonathan Dienhart
Quarterly vacancy estimates are provided by the U.S. Census Bureau and are compiled from national and regional monthly survey samples with weighting based on the 1990 census. A housing unit is vacant if no one is living in it at the time of the survey, unless its occupants are only temporarily absent. In addition, a vacant unit may be one that is entirely occupied by persons who have a usual residence elsewhere. Vacant units are excluded if the unit is uninhabitable (i.e., without roof, walls, windows, or doors, or if there is positive evidence that the unit is to be demolished or is condemned). Vacant units are included in housing stock estimates.
Statistics on vacancy rates are important factors in determining the need for additional housing supply. In areas with a high seasonal population (such as California's Coachella Valley) units that are occupied by part-time residents are considered part of the overall housing stock, but may be factored differently in determining demand for year-round housing. Vacancy rates for rental housing relative to rental rates are a determining factor in identifying the need for additional rental units.
The Census Bureau reported that the 2000 Census results showed that there are flaws in the methodology used to estimate vacancy between Census periods.
For more information on housing vacancies, go to:
http://www.census.gov/hhes/www/hvs.html
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