newressales

FOR IMMEDIATE RELEASE WEDNESDAY, OCTOBER 28, 2009 AT 10:00 A.M. EDT CB09-162 Erica Filipek or Stephen Cooper Manufacturing and Construction Division (301) 763-5160 NEW RESIDENTIAL SALES IN SEPTEMBER 2009 Sales of new one-family houses in September 2009 were at a seasonally adjusted annual rate of 402,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.6 percent (±10.2%)* below the revised August rate of 417,000 and is 7.8 percent (±12.0%)* below the September 2008 estimate of 436,000. The median sales price of new houses sold in September 2009 was $204,800; the average sales price was $282,600. The seasonally adjusted estimate of new houses for sale at the end of September was 251,000. This represents a supply of 7.5 months at the current sales rate. New Residential Sales data for October 2009 will be released on Wednesday, November 25, 2009, at 10:00 A.M. EST. 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 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 2008: September October November December 2009: January February March April May June July r 436 409 390 374 329 354 332 345 371 399 413 25 35 38 30 30 28 19 21 25 36 41 42 63 63 55 59 53 50 44 40 48 60 56 53 246 225 210 193 181 207 195 204 206 197 215 209 102 86 87 92 65 69 74 80 92 106 101 113 395 380 370 350 340 328 313 300 293 280 270 261 10.9 11.1 11.4 11.2 12.4 11.1 11.3 10.4 9.5 8.4 7.8 7.5 r r August 417 p September Average RSE (%) 3 402 8 42 29 71 23 188 11 101 15 251 4 7.5 7 Percent Change: September 2009 from August 2009 90% Confidence Interval 4 -3.6% ± 10.2 -7.8% ± 12.0 0.0% ± 41.6 68.0% ± 82.9 34.0% ± 31.7 12.7% ± 33.8 -10.0% ± 15.8 -23.6% ± 13.5 -10.6% ± 20.3 -1.0% ± 18.2 -3.8% ± 1.1 -36.5% ± 2.7 Not seasonally adjusted 0.0% ± 14.6 -31.2% ± 10.7 September 2009 from September 2008 90% Confidence Interval 4 2007: 2008: RSE (%) 2008: Year to Date 2009: Year to Date RSE (%) 776 485 3 400 293 4 65 35 9 27 24 10 118 70 11 57 41 16 411 266 4 221 157 5 181 114 4 95 71 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: September October November December 2009: January February March April May June July r 4 -26.6% ± 3.1 35 32 27 26 24 29 31 32 34 37 37 -10.5% ± 11.7 2 3 3 2 2 2 2 2 2 3 4 4 -27.8% ± 11.4 5 5 4 4 3 4 4 4 5 6 5 5 -28.7% ± 4.3 20 17 15 14 14 17 18 18 19 19 20 19 -25.8% ± 7.2 8 7 6 6 5 6 7 7 9 10 9 10 398 384 369 352 340 324 311 300 290 282 271 261 41 39 38 37 36 35 35 34 33 32 30 29 65 62 61 57 55 52 51 50 49 48 46 45 198 192 183 175 169 161 154 148 143 140 136 131 94 91 87 83 79 76 71 69 65 62 59 55 11.4 12.0 13.6 13.6 14.3 11.2 9.9 9.4 8.4 7.6 7.3 7.0 225,200 213,200 221,600 229,600 208,600 209,700 205,100 219,200 222,300 214,700 215,600 199,900 287,100 274,000 290,100 263,100 245,200 258,600 259,800 269,800 274,600 274,800 272,400 256,500 r r August 37 Septemberp Average RSE (%) 3 31 8 3 29 6 23 14 11 8 15 253 4 28 13 42 9 130 4 52 8 8.1 7 204,800 5 282,600 6 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 $400,000 to $499,999 $500,000 to $749,999 $750,000 and over Period Number of houses1 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: September 35 7 8 10 4 2 3 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 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 32 34 37 6 5 6 8 9 10 10 11 11 4 4 5 2 3 2 1 2 2 1 1 1 July r r 37 37 6 9 11 10 10 10 5 4 2 3 2 2 1 1 August September p Average RSE (%)2 31 8 5 18 10 16 9 14 3 20 2 27 2 29 1 44 Percent distribution 2007: 2008: 100 100 14 16 21 22 29 31 16 14 8 7 8 6 4 4 2008: September 100 19 24 29 10 6 8 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 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 100 100 100 18 15 17 24 25 28 31 32 30 14 13 12 7 9 4 4 5 5 3 2 3 July r r 100 100 17 23 29 26 26 26 14 10 5 8 6 5 3 1 August September p p r 100 15 32 28 10 5 6 4 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: September 776 485 3 35 For sale at end of period Not started 69 41 5 50 Median months Completed 198 172 6 173 1 Not started 196 104 7 5 Under construction 255 134 5 10 Completed 325 247 6 19 Total 496 352 3 398 Under construction 228 139 4 175 for sale 6.2 9.2 8 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 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 32 34 37 7 10 9 8 9 11 17 16 18 300 290 282 39 39 37 118 115 116 143 136 128 10.8 11.5 11.9 July r r 37 37 8 9 11 12 18 16 271 261 36 36 115 112 121 114 12.6 13.0 August September p Average RSE (%)2 31 9 10 13 253 36 109 109 13.0 8 8 10 10 4 8 5 5 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.