Proposes annual average vacancy duration as a better measure of housing market condition than vacancy rate in cross-sectional analyses. The answer to the vacancy survey question, "How long has this vacancy existed?" depends as much on the variance of the vacancy duration distribution as the mean, so it does not provide a direct estimate of average vacancy duration. Nevertheless, the answer to that question is useful. Information on the variance of vacancy durations shows that housing submarkets exist and have very different market conditions.
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