FOR IMMEDIATE RELEASE WEDNESDAY, AUGUST 26, 2009 AT 10:00 A.M. EDT
CB09-131 Erica Filipek or Stephen Cooper Manufacturing and Construction Division (301) 763-5160
NEW RESIDENTIAL SALES IN JULY 2009
Sales of new one-family houses in July 2009 were at a seasonally adjusted annual rate of 433,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.6 percent (±13.4%)* above the revised June rate of 395,000, but is 13.4 percent (±12.9%) below the July 2008 estimate of 500,000. The median sales price of new houses sold in July 2009 was $210,100; the average sales price was $269,200. The seasonally adjusted estimate of new houses for sale at the end of July was 271,000. This represents a supply of 7.5 months at the current sales rate.
New Residential Sales data for August 2009 will be released on Friday, September 25, 2009, at 10:00 A.M. EDT. http://www.census.gov/newhomesales Our Internet site is: http://www.census.gov/newhomesales
EXPLANATORY NOTES
These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated average relative standard errors of the preliminary data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. Changes in seasonally adjusted statistics often show irregular movement. It takes 4 months to establish a trend for new houses sold. Preliminary new home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 3 percent. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. Explanations of confidence intervals and sampling variability can be found on our web site listed above.
* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.
Table 1. New Houses Sold and For Sale
[Thousands of houses. Detail may not add to total because of rounding] Sold during period 1 Period United States Northeast Midwest South West United States For sale at end of period Northeast Midwest Months' South West supply2 Median sales price ($) Average sales price ($)
Seasonally adjusted
2008: July August September
500 444 436
41 28 25
64 72 63
272 252 246
123 92 102
419 412 395
10.1 11.1 10.9
October November December
409 390 374
35 38 30
63 55 59
225 210 193
86 87 92
380 370 350
11.1 11.4 11.2
2009: January February March
r
329 354 332
30 28 19
53 50 44
181 207 195
65 69 74
340 328 313
12.4 11.1 11.3
April May June
r r
345 362 395
21 25 34
40 48 66
204 202 191
80 87 104
300 293 280
10.4 9.7 8.5
Julyp
Average RSE (%)3
433
8
45
33
61
22
222
11
105
14
271
4
7.5
8
Percent Change: July 2009 from June 2009 90% Confidence Interval
4
9.6% ± 13.4 -13.4% ± 12.9
32.4% ± 87.3 9.8% ± 58.9
-7.6% ± 18.2 -4.7% ± 29.9
16.2% ± 20.1 -18.4% ± 19.2
1.0% ± 20.8 -14.6% ± 18.2
-3.2% ± 0.9 -35.3% ± 2.4 Not seasonally adjusted
-11.8% ± 11.7 -25.7% ± 11.0
July 2009 from July 2008 90% Confidence Interval
4
2007: 2008: RSE (%) 2008: Year to Date 2009: Year to Date RSE (%)
776 485 3 327 226 4
65 35 9 23 17 10
118 70 11 45 32 16
411 266 4 180 124 5
181 114 4 80 53 7
496 352 3 (X) (X) (X) (X) (X)
48 37 12 (X) (X) (X) (X) (X)
79 57 8 (X) (X) (X) (X) (X)
248 175 5 (X) (X) (X) (X) (X)
121 83 7 (X) (X) (X) (X) (X)
(X) (X) (X) (X) (X) (X) (X) (X)
247,900 232,100 3 (X) (X) (X) (X) (X)
313,600 292,600 3 (X) (X) (X) (X) (X)
Year to Date Percent Change 5 90% Confidence Interval
2008: July August September
4
-31.1% ± 3.2
43 38 35
-22.8% ± 10.4
3 2 2
-30.2% ± 13.6
6 7 5
-31.1% ± 4.4
24 21 20
-33.7% ± 6.0
11 8 8
421 411 398
42 42 41
69 67 65
210 205 198
100 98 94
9.8 10.8 11.4
237,300 221,000 225,200
301,900 265,500 287,100
October November December
32 27 26
3 3 2
5 4 4
17 15 14
7 6 6
384 369 352
39 38 37
62 61 57
192 183 175
91 87 83
12.0 13.6 13.6
213,200 221,600 229,600
274,000 290,100 263,100
2009: January February March
r
24 29 31
2 2 2
3 4 4
14 17 18
5 6 7
340 324 311
36 35 35
55 52 51
169 161 154
79 76 71
14.3 11.2 9.9
208,600 209,700 205,100
245,200 258,600 259,800
April May June
r r
32 34 36
2 3 3
4 5 6
18 19 18
7 8 9
300 290 281
34 33 32
50 49 47
148 143 140
69 65 62
9.4 8.6 7.7
219,200 221,400 210,400
269,800 275,400 276,900
Julyp
Average RSE (%)3
39
8
4
33
5
22
21
11
10
14
272
4
31
14
45
10
137
4
60
8
6.9
8
210,100
4
269,200
5
p
Preliminary.
r
Revised.
RSE Relative standard error.
X Not applicable.
2
Z Less than 0.5 percent.
3
1 4
Seasonally adjusted houses sold are published at annual rates.
Ratio of houses for sale to houses sold.
5
Average RSE for the latest 6-month period.
See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals.
Computed using unrounded data.
Note: The sales price includes the land.
Table 2. New Houses Sold, by Sales Price
[Thousands of houses. Components may not add to total because of rounding. Percents computed from unrounded figures] Under Total $150,000 $150,000 to $199,999 $200,000 to $299,999 $300,000 to $399,999
1
Period
$400,000 to $499,999
$500,000 to $749,999
$750,000 and over
Number of houses
2007: 2008: RSE (%) 776 485 3 106 77 11 162 106 7 227 149 4
121 69 7
65 35 8
62 31 9
32 18 15
2008:
July August September
43 38 35
8 7 7
9 9 8
12 12 10
6 5 4
4 3 2
3 1 3
2 1 1
October November December
32 27 26
6 5 4
8 6 6
10 8 9
4 4 4
2 1 2
1 2 1
1 1 (Z)
2009:
January February March
r
24 29 31
5 6 6
7 7 8
7 9 10
3 3 3
1 2 2
1 1 2
(Z) 1 1
April May June
r r
32 34 36
6 5 7
8 9 10
10 11 10
4 4 5
2 3 2
1 2 2
1 1 1
Julyp
Average RSE (%)2
39
8
7
19
11
16
10
13
5
20
2
27
2
28
1
44
Percent distribution
2007: 2008: 100 100 14 16 21 22 29 31 16 14 8 7 8 6 4 4
2008:
July August September
100 100 100
18 17 19
20 23 24
27 31 29
14 14 10
10 9 6
7 4 8
5 2 4
October November December
100 100 100
18 19 15
24 22 25
32 28 33
12 14 15
7 5 7
4 8 4
4 4 1
2009:
January February March
r
100 100 100
19 20 20
28 25 27
31 30 31
12 12 10
6 7 5
3 5 5
1 2 2
April May June
r r
100 100 100
18 14 18
24 25 29
31 32 28
14 13 13
7 9 4
4 5 5
3 2 3
Julyp
p r
100
18
28
26
13
5
6
3
Preliminary.
Revised.
RSE Relative standard error.
X Not applicable.
Z Less than 0.5 percent.
1 2
Houses for which sales price was not reported have been distributed proportionally to those for which sales price was reported. Average RSE for the latest 6-month period.
Note: The sales price includes the land.
Table 3. New Houses Sold and For Sale by Stage of Construction and Median Number of Months on Sales Market
[Thousands of houses. Detail may not add to total because of rounding] Sold during period Period Total
2007: 2008: RSE (%) 2008: July August September 776 485 3 43 38 35
For sale at end of period Not started
69 41 5 56 54 50
Median months Completed
198 172 6 173 171 173
Not started
196 104 7 9 8 5
Under construction
255 134 5 13 11 10
Completed
325 247 6 21 19 19
Total
496 352 3 421 411 398
Under construction
228 139 4 192 186 175
for sale1
6.2 9.2 8 8.5 9.0 9.1
October November December
32 27 26
5 4 4
9 7 6
18 16 16
384 369 352
46 43 41
166 155 139
172 171 172
9.1 9.2 9.2
2009:
January February March
r
24 29 31
6 6 7
5 7 7
13 16 17
340 324 311
40 38 39
133 127 120
167 159 152
9.4 9.9 10.2
April May June
r r
32 34 36
7 9 9
8 9 11
17 16 17
300 290 281
39 39 39
118 115 114
143 136 128
10.8 11.5 11.8
Julyp
2
39
12
11
16
272
40
112
120
12.4
Average RSE (%)
8
9
10
9
4
8
5
5
6
p
Preliminary.
r
Revised.
RSE Relative standard error.
Z Less than 0.5 percent.
1 2
Median number of months for sale since completion. Average RSE for the latest 6-month period.