FOR IMMEDIATE RELEASE WEDNESDAY, JUNE 24, 2009 AT 10:00 A.M. EDT
CB09-95 Erica Filipek or Stephen Cooper Manufacturing and Construction Division (301) 763-5160
NEW RESIDENTIAL SALES IN MAY 2009
Sales of new one-family houses in May 2009 were at a seasonally adjusted annual rate of 342,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.6 percent (±17.8%)* below the revised April rate of 344,000 and is 32.8 percent (±10.9%) below the May 2008 estimate of 509,000. The median sales price of new houses sold in May 2009 was $221,600; the average sales price was $274,300. The seasonally adjusted estimate of new houses for sale at the end of May was 292,000. This represents a supply of 10.2 months at the current sales rate.
New Residential Sales data for June 2009 will be released on Monday, July 27, 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 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: May June July August September October November December 2009: January February March April
r r
r
509 488 500 444 436 409 390 374 329 354 335 344
31 35 41 28 25 35 38 30 30 28 20 21
75 69 64 72 63 63 55 59 53 50 46 43
287 270 272 252 246 225 210 193 181 207 194 201
116 114 123 92 102 86 87 92 65 69 75 79
453 436 419 412 395 380 370 350 340 328 312 299
10.7 10.7 10.1 11.1 10.9 11.1 11.4 11.2 12.4 11.1 11.2 10.4
May
p
3
342
8
27
32
51
22
184
12
80
16
292
4
10.2
8
Average RSE (%)
Percent Change: May 2009 from April 2009 90% Confidence Interval
4
-0.6% ± 17.8 -32.8% ± 10.9
28.6% ± 115.0 -12.9% ± 48.2
18.6% ± 48.8 -32.0% ± 38.1
-8.5% ± 16.5 -35.9% ± 12.1
1.3% ± 38.6 -31.0% ± 15.8
-2.3% ± 1.1 -35.5% ± 2.2 Not seasonally adjusted
-1.9% ± 18.4 -4.7% ± 16.9
May 2009 from May 2008 90% Confidence Interval
4
2007: 2008: RSE (%) 2008: Year to Date 2009: Year to Date RSE (%)
776 485 3 239 149 4
65 35 9 16 11 14
118 70 11 33 21 18
411 266 4 131 84 5
181 114 4 59 34 9
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: May June July August September October November December 2009: January February March April
r r
r
-37.6% ± 3.8
49 45 43 38 35 32 27 26 24 29 32 32
-32.9% ± 13.9
3 3 3 2 2 3 3 2 2 2 2 2
-36.9% ± 13.9
7 7 6 7 5 5 4 4 3 4 4 4
-36.1% ± 5.9
27 25 24 21 20 17 15 14 14 17 18 19
-42.8% ± 8.0
11 10 11 8 8 7 6 6 5 6 8 8
4
451 435 421 411 398 384 369 352 340 324 310 298
44 43 42 42 41 39 38 37 36 35 35 34
72 69 69 67 65 62 61 57 55 52 51 49
227 218 210 205 198 192 183 175 169 161 154 147
107 104 100 98 94 91 87 83 79 76 71 68
9.3 9.6 9.8 10.8 11.4 12.0 13.6 13.6 14.3 11.2 9.8 9.2
229,300 234,300 237,300 221,000 225,200 213,200 221,600 229,600 208,600 209,700 202,000 212,600
298,200 299,400 301,900 265,500 287,100 274,000 290,100 263,100 245,200 258,600 257,700 260,800
Mayp
Average RSE (%)
3
32
8
3
32
5
22
17
12
8
16
289
4
33
14
48
10
143
4
65
8
9.0
8
221,600
5
274,300
4
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:
May June
49 45
9 8
11 9
15 14
5 7
4 2
3 2
2 2
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 Februaryr March
r r
24 29 32
5 6 6
7 7 9
7 9 10
3 3 3
1 2 1
1 1 2
(Z) 1 1
April
32
6
8
10
4
2
2
1
May p
Average RSE (%)2
32
8
5
20
8
17
9
14
4
21
3
28
2
32
1
54
Percent distribution
2007: 2008: 100 100 14 16 21 22 29 31 16 14 8 7 8 6 4 4
2008:
May June
100 100
18 17
22 20
31 32
11 16
7 5
6 5
5 5
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 Februaryr March
r r
100 100 100
19 20 20
28 25 27
31 30 30
12 12 11
6 7 5
3 5 5
1 2 3
April
100
19
25
30
13
5
5
2
May p
p r
100
16
25
28
12
11
6
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
2007: 2008: RSE (%) 2008: May June 776 485 3 49 45
For sale at end of period Not started
69 41 5 63 59
Median months Completed
198 172 6 180 175
Not started
196 104 7 11 10
Under construction
255 134 5 16 13
Completed
325 247 6 22 22
Total
496 352 3 451 435
Under construction
228 139 4 209 201
for sale1
6.2 9.2 8 8.3 8.4
July August September
43 38 35
9 8 5
13 11 10
21 19 19
421 411 398
56 54 50
192 186 175
173 171 173
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 Februaryr March
r r
24 29 32
6 6 7
5 7 8
13 16 17
340 324 310
40 38 39
133 127 119
167 159 152
9.4 9.9 10.2
April
32
7
8
17
298
41
115
143
10.8
Mayp
Average RSE (%)2
32
9
9
14
289
43
111
135
11.5
8
9
11
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.