Alternative Measure of Owner-Occupied Real Estate
This Enhanced Financial Accounts (EFA) table presents an alternative measure of owner-occupied real estate from 2001 to the present. The alternative measure is derived from property value estimates constructed by the real estate analytics company Zillow based on its automated valuation model. As described in the related FEDS Notes article and FEDS working paper, this alternative measure has been developed as a way of exploring and testing new methodologies for measuring key variables. Going forward, this aggregate series will be updated quarterly with each EFA release.
In the Financial Accounts of the United States, table B.101, “Balance Sheet of Households and Nonprofit Organizations,” contains estimates of the aggregate value of household-sector residential real estate in the United States (line 4). The most significant component of this series is the value of owner-occupied residential real estate, FL155035013. (The other components are the value of vacant land, FL155010103, and the value of mobile homes, FL155012013.) The alternative measure of FL155035013 combines property value estimates from Zillow with property unit counts from the American Community Survey. The construction of the series is outlined in the FEDS Notes article and is further detailed in the FEDS working paper. Starting with the 2018:Q3 release, the entire series uses quarterly housing counts interpolated from the annual ACS counts.