January 2006

FOR IMMEDIATE RELEASE MONDAY, FEBRUARY 27, 2006 AT 10:00 A.M. EST Erica Filipek or Steven Berman Manufacturing and Construction Division (301) 763-5160 CB06-27 NEW RESIDENTIAL SALES IN JANUARY 2006 Sales of new one-family houses in January 2006 were at a seasonally adjusted annual rate of 1,233,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.0 percent (±11.5%)* below the revised December rate of 1,298,000, but is 3.3 percent (±16.9%)* above the January 2005 estimate of 1,194,000. The median sales price of new houses sold in January 2006 was $238,100; the average sales price was $291,600. The seasonally adjusted estimate of new houses for sale at the end of January was 528,000. This represents a supply of 5.2 months at the current sales rate. New Residential Sales data for February 2006 will be released on Friday, March 24, 2006, at 10:00 A.M. EST. 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 6 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 period1 Period United States Northeast Midwest South West United States For sale at end of period Northeast Midwest Months' South West supply 2 Median sales price ($) Average sales price ($) Seasonally adjusted 2005: January February March April May June July August September r r 1,194 1,247 1,307 1,269 1,293 1,298 1,371 1,274 1,249 1,345 1,251 1,298 r 61 82 79 99 91 84 99 82 61 76 87 67 186 180 213 206 241 237 208 194 214 187 184 223 616 636 648 607 599 635 628 647 647 672 663 671 331 349 367 357 362 342 436 351 327 410 317 337 437 446 446 446 452 456 466 478 489 491 504 515 4.4 4.4 4.2 4.3 4.3 4.3 4.1 4.5 4.8 4.5 4.9 4.8 October November December 2006: Januaryp Average RSE (%)3 1,233 7 57 24 199 13 602 11 375 11 528 4 5.2 7 Percent Change: January 2006 from December 2005 90% Confidence Interval 4 -5.0% ± 11.5 3.3% ± 16.9 -14.9% ± 34.6 -6.6% ± 35.8 -10.8% ± 20.4 7.0% ± 31.5 -10.3% ± 14.9 -2.3% ± 24.9 11.3% ± 31.9 13.3% ± 20.7 2.5% ± 1.2 20.8% ± 8.0 Not seasonally adjusted 8.3% ± 11.3 18.2% ± 23.0 January 2006 from January 2005 90% Confidence Interval 4 2004: 2005 : RSE (%) 2005: January February March April May June July August September r r r 1,203 1,285 3 92 109 127 116 120 115 83 81 12 4 7 7 9 9 8 210 207 6 12 15 21 20 22 22 562 640 4 50 56 62 54 55 55 348 358 4 25 31 37 33 34 30 431 521 3 441 439 441 441 448 458 30 47 12 32 32 33 33 36 38 111 109 8 112 113 113 110 107 105 200 256 5 204 205 206 208 213 221 91 109 7 92 90 90 90 92 94 (X) (X) (X) 4.8 4.0 3.5 3.8 3.7 4.0 221,000 238,100 3 223,100 237,300 229,300 236,300 228,300 226,100 274,500 295,100 2 283,000 289,100 289,600 289,100 287,400 279,600 117 110 99 105 86 89 r 8 6 6 6 6 4 19 17 17 15 13 14 54 56 51 51 46 50 36 31 25 32 21 21 459 477 491 492 510 521 40 42 45 44 45 47 104 104 103 107 111 109 226 238 242 242 251 256 90 92 101 99 104 109 3.9 4.3 5.0 4.7 5.9 5.9 229,200 240,100 240,400 243,900 232,600 229,000 289,300 295,000 299,600 293,600 288,600 281,700 October November December 2006: Januaryp Average RSE (%) 3 93 7 4 24 13 13 48 11 29 11 536 4 50 11 109 8 269 5 108 4 5.8 7 238,100 5 291,600 4 p Preliminary. Annual rates. r Revised. 2 RSE Relative standard error. X Not applicable. 3 Z Less than 0.5 percent. 1 4 Ratio of houses for sale to houses sold. Average RSE for the latest 6-month period. 5 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 2004: 2005 r: RSE (%) 1,203 1,285 3 269 232 10 254 250 5 313 350 5 165 201 5 90 111 6 82 97 9 31 44 12 2005: January February March 92 109 127 20 21 27 20 21 25 22 30 33 12 15 18 8 10 10 6 9 10 2 3 4 April May June 116 120 115 20 24 21 23 25 25 32 31 32 18 17 17 10 10 9 9 9 7 3 5 3 July August September r r 117 110 99 22 21 19 25 21 21 30 27 25 17 22 16 9 6 8 9 10 7 4 4 4 October 105 86 89 r 22 16 18 15 18 16 31 22 29 16 15 12 10 6 7 8 7 6 3 3 2 November December 2006: Januaryp 93 18 19 25 15 6 8 3 Average RSE (%)2 7 16 14 12 17 23 22 28 Percent distribution 2004: 2005 r: 100 100 22 18 21 19 26 27 14 16 7 9 7 8 3 3 2005: January February March 100 100 100 22 20 21 22 19 19 25 27 26 14 14 14 9 9 8 7 8 8 2 3 3 April May June 100 100 100 18 20 18 20 20 22 28 26 28 16 14 15 8 8 8 8 7 6 3 4 3 July August September r r 100 100 100 19 19 19 21 19 21 26 24 25 15 20 16 8 5 8 7 9 7 4 3 4 October 100 100 100 r 21 18 20 14 21 17 29 26 32 15 18 14 10 7 7 8 8 7 3 3 2 November December 2006: Januaryp p r 100 19 20 27 16 7 8 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 2004: 2005 : RSE (%) 2005: January February March r For sale at end of period Not started 68 102 5 67 67 78 Median months Completed 103 116 6 106 107 105 Not started 482 509 3 43 47 51 Under construction 439 463 4 30 38 47 Completed 281 313 7 19 24 29 Total 431 521 3 441 439 441 Under construction 260 302 4 267 266 258 for sale1 4.1 4.0 8 4.3 4.4 4.4 1,203 1,285 3 92 109 127 April May June 116 120 115 45 44 40 43 44 44 28 32 31 441 448 458 78 79 83 260 263 271 103 106 103 4.4 3.8 4.0 July August September r r 117 110 99 45 47 36 45 38 38 27 25 25 459 477 491 82 87 92 275 287 292 103 103 107 3.7 3.7 3.8 October 105 86 89 r 39 35 36 40 29 28 25 23 25 492 510 521 84 91 102 298 306 302 110 113 116 4.0 4.1 4.0 November December 2006: January p 2 93 7 41 9 32 8 21 10 536 4 107 6 312 5 118 6 4.5 6 Average RSE (%) 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.