FOR IMMEDIATE RELEASE THURSDAY, SEPTEMBER 25, 2008 AT 10:00 A.M. EDT
CB08-142 Erica Filipek or Raemeka Mayo Manufacturing and Construction Division (301) 763-5160
NEW RESIDENTIAL SALES IN AUGUST 2008
Sales of new one-family houses in August 2008 were at a seasonally adjusted annual rate of 460,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.5 percent (±11.7%)* below the revised July rate of 520,000 and is 34.5 percent (±7.3%) below the August 2007 estimate of 702,000. The median sales price of new houses sold in August 2008 was $221,900; the average sales price was $263,900. The seasonally adjusted estimate of new houses for sale at the end of August was 408,000. This represents a supply of 10.9 months at the current sales rate.
New Residential Sales data for September 2008 will be released on Monday, October 27, 2008, 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 5 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 4 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
2007: August September 702 694 59 63 122 104 365 353 156 174 533 528 9.2 9.4
October November December
723 629 600
65 55 56
128 86 74
379 339 335
151 149 135
513 502 494
8.6 9.5 9.8
2008: January February March
597 572 513
55 39 28
77 77 70
318 314 293
147 142 122
484 477 469
9.8 9.7 11.2
April May
r r
542 515 500
40 31 36
82 76 72
294 292 280
126 116 112
463 459 443
10.3 10.9 10.9
June
July
r
520
47
69
282
122
427
10.3
Augustp
Average RSE (%)
3
460
7
32
22
74
16
276
10
78
12
408
4
10.9
6
Percent Change: August 2008 from July 2008 90% Confidence Interval
4
-11.5% ± 11.7 -34.5% ± 7.3
-31.9% ± 41.1 -45.8% ± 24.5
7.2% ± 34.1 -39.3% ± 14.8
-2.1% ± 20.2 -24.4% ± 13.0
-36.1% ± 16.3 -50.0% ± 11.0
-4.4% ± 0.7 -23.5% ± 2.8 Not seasonally adjusted
5.8% ± 14.0 18.5% ± 14.4
August 2008 from August 2007 90% Confidence Interval
4
2006: 2007: RSE (%) 2007: Year to Date 2008: Year to Date RSE (%)
1,051 776 3 576 367 4
63 65 10 47 26 10
161 118 9 89 52 12
559 411 4 304 203 4
267 181 5 137 86 6
537 496 3 (X) (X) (X) (X) (X)
54 48 12 (X) (X) (X) (X) (X)
97 79 8 (X) (X) (X) (X) (X)
267 248 5 (X) (X) (X) (X) (X)
119 121 7 (X) (X) (X) (X) (X)
(X) (X) (X) (X) (X) (X) (X) (X)
246,500 247,900 3 (X) (X) (X) (X) (X)
305,900 313,600 3 (X) (X) (X) (X) (X)
Year to Date Percent Change 5 90% Confidence Interval 4
2007: August September
-36.2% ± 2.5
60 53
-45.1% ± 7.9
5 5
-41.0% ± 5.9
11 8
-33.0% ± 4.3
31 27
-37.2% ± 4.9
13 14
538 527
52 50
82 80
272 270
132 127
8.9 9.9
236,500 240,300
301,300 292,200
October November December
57 45 44
5 4 4
10 6 5
30 25 26
12 10 8
518 508 496
49 48 48
79 79 79
264 257 248
127 124 121
9.0 11.2 11.4
234,300 249,100 227,700
310,100 316,800 284,400
2008: January February March
44 48 49
3 3 2
5 6 7
24 26 28
11 12 12
488 475 465
46 45 46
78 76 74
246 241 233
117 113 113
11.1 9.9 9.5
232,400 245,300 229,300
284,600 301,200 287,600
April May June
r r
49 49 45
4 3 3
8 7 7
25 27 25
12 11 10
463 458 444
45 45 44
73 73 71
234 231 221
111 109 108
9.5 9.4 9.8
246,400 229,300 231,700
314,300 298,200 296,800
July
r
44
4
6
24
11
429
43
69
213
104
9.8
234,900
299,100
Augustp
Average RSE (%)3
39
7
3
22
7
16
24
10
7
12
405
4
41
15
65
10
201
4
98
8
10.4
6
221,900
4
263,900
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
2006: 2007: RSE (%) 2007: August September 1,051 776 3 162 106 10 208 162 5 300 227 5
174 121 7
84 65 9
80 62 8
43 32 13
60 53
9 8
14 10
18 18
8 7
5 4
4 4
2 2
October November December
57 45 44
9 7 6
14 9 9
13 13 14
9 7 6
5 4 4
5 4 2
2 2 1
2008:
January February March
44 48 49
8 7 7
9 9 11
15 16 17
5 8 7
4 3 2
2 3 3
1 2 2
April May June
r r
49 49 45
5 9 8
10 11 9
15 15 14
9 5 7
3 4 2
5 3 2
2 2 2
July
r
44
8
9
11
6
4
3
2
Augustp
Average RSE (%)2
39
7
9
13
6
3
1
1
7
19
14
12
16
24
24
29
Percent distribution
2006: 2007: 2007: August September 100 100 15 14 20 21 29 29 17 16 8 8 8 8 4 4
100 100
15 15
23 19
29 34
13 14
9 8
7 7
4 3
October November December
100 100 100
16 14 15
25 21 21
23 28 33
16 16 14
8 9 9
8 8 6
4 4 2
2008:
January February March
100 100 100
18 14 14
20 19 23
33 33 34
11 16 15
9 7 5
5 7 6
3 4 3
April May June
r r
100 100 100
11 18 17
21 22 20
31 31 31
18 11 16
6 7 5
9 6 5
4 5 5
July
r
100
18
21
26
14
9
7
5
Augustp
p r
100
17
23
33
15
8
3
2
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
2006: 2007: RSE (%) 2007: August September 1,051 776 3 60 53
For sale at end of period Not started
78 69 5 80 76
Median months Completed
174 198 6 187 191
Not started
346 196 6 14 11
Under construction
368 255 5 20 17
Completed
337 325 5 27 26
Total
537 496 3 538 527
Under construction
285 228 4 270 261
for sale1
4.3 6.2 8 5.7 5.8
October November December
57 45 44
12 9 10
18 12 11
27 25 22
518 508 496
73 73 69
253 241 228
192 194 198
5.9 6.0 6.2
2008:
January February March
44 48 49
10 11 12
12 11 12
22 25 25
488 475 465
69 68 66
220 214 212
199 194 187
6.7 7.1 7.4
April May
r r
49 49 45
13 11 11
14 16 13
22 22 22
463 458 444
65 64 60
215 210 202
183 184 182
7.7 8.2 8.3
June
July
r
44
10
14
21
429
59
188
182
8.5
Augustp
Average RSE (%)
2
39
7
12
7
11
9
17
9
405
4
59
8
181
5
166
5
9.1
5
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.