Q3 Has Largest Gain in Homeownership Since 2004
The Census Bureau reported today that the U.S. homeownership rate increased to 66.3% in the third quarter from 65.9% in the second quarter (see chart above, data are not seasonally adjusted). The 0.40% increase in the July-September period was the first gain in two years for the nation's homeownership rate, and the largest quarterly increase in homeownership since the second quarter of 2004, more than seven years ago.
Does that mean the seven-year decline in homeownership that started in the fourth quarter of 2004 when the rate peaked at 69.2% has finally bottomed out? It's just a one-quarter increase, and could be a blip. But especially because it's the largest quarterly gain since 2004, could this be a signal of some increased stability in the real estate market? Or not?