The vacancy rate for ownership units fell to 2.1 percent in July. That compares to 2.5 percent in the second quarter of 2011 and a peak of 2.9 percent in 2008. The vacancy rate for rental units fell by 0.2 percentage points to 8.6 percent. This is down 0.6 percentage points from 9.2 percent in the second quarter of 2011 and more than two full percentage points from the peak of 11.1 percent in 2009. The vacancy rate for rental units has not been this low since 2002. (There are roughly twice as many ownership units as rental units.) 

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For more, check out the latest Housing Market Monitor.

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