The Census Bureau released the Residential Vacancies and Homeownership report for Q3 2023 today.
The results of this survey were significantly distorted by the pandemic in 2020.
This survey might show the trend, but I wouldn’t rely on the absolute numbers. Analysts probably shouldn’t use the HVS to estimate the excess vacant supply or household formation, or rely on the homeownership rate, except as a guide to the trend.
National vacancy rates in the third quarter 2023 were 6.6 percent for rental housing and 0.8 percent for
homeowner housing. The rental vacancy rate was higher than the rate in the third quarter 2022 (6.0 percent)
and higher than the rate in the second quarter 2023 (6.3 percent).
The homeowner vacancy rate of 0.8 percent was not statistically different than the rate in the third quarter
2022 (0.9 percent) and higher than the rate in the second quarter 2023 (0.7 percent).
The homeownership rate of 66.0 percent was virtually the same as the rate in the third quarter 2022 (66.0
percent) and not statistically different from the rate in the second quarter 2023 (65.9 percent).
Click on graph for larger image.
The HVS homeownership rate increased slightly to 66.0% in Q3, from 65.9% in Q2.
The HVS homeowner vacancy increased to 0.8% in Q3 from 0.7% in Q2.
Once again – this probably shows the general trend, but I wouldn’t rely on the absolute numbers.