In 19Q2, the homeownership rate fell to 64.1% from 64.3% in 18Q2, the first Y-o-Y decline since 2016. And high home prices are why. They’re high partly because inventory, which had been marginally improving for 10 straight months, was disappointingly flat in June, and because new construction activity has been shrinking and thus detracting from GDP for 6 straight quarters. Moreover, rental vacancy rates fell and are nearing 35-year lows.