Board of Governors of the Federal Reserve System

Quarterly transactions are equal to net investment (FOF series FA155012665). After 2001Q1, quarterly stocks outstanding estimated by FOF section based on automated valuation model (AVM) data from Zillow and housing count estimates from the American Community Survey of the U.S. Census. Quarterly capital gains are based on the change in stocks outstanding less net investment. Before 2001Q1, biennial stocks outstanding estimated by FOF section based on data from the U.S. Census Bureau's American Housing Survey on the total value of owner-occupied and vacant homes, excluding mobile homes. Quarterly stocks outstanding between benchmarks are calculated as the previous stocks outstanding plus capital gains based on the CoreLogic national house price index (FOF series FI075035243) and the unadjusted transactions less disaster losses (FOF series FU155404003), with adjustments to target the next benchmark stocks outstanding.