Housing Inventory Change and the Role of Existing Structures, 1961–1985

Patric Hendershott and Marc T. Smith

Real Estate Economics, 1988, vol. 16, issue 4, 364-378

Abstract: This paper makes two contributions. First, an internally consistent annual data set is constructed for the housing‐units identity. For the 1961–85 period, data are computed for completions, mobile home placements, the change in households, the change in vacancies, and, residually, net other additions (non‐new construction additions less losses). Our computed net other additions data for 1974 to 1980 are shown to be comparable to those implicit in the Annual Housing Survey data. Second, evidence is provided that net other additions play a major role in the short‐run equilibration of the demand and supply for housing units. Our evidence suggests that, on average, a surge in household formations is half satisfied by reduced losses or non‐new construction additions during the concurrent year.

Date: 1988
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