U.S. Census Bureau News Joint Release U.S.

Department of Housing and Urban Development

U.S. Department of Commerce Washington, D.C. 20233
FOR IMMEDIATE RELEASE TUESDAY, AUGUST 23, 2011 AT 10:00 A.M. EDT
CB11-142 Erica Filipek or Stephen Cooper Manufacturing and Construction Division (301) 763-5160

NEW RESIDENTIAL SALES IN JULY 2011

Sales of new single-family houses in July 2011 were at a seasonally adjusted annual rate of 298,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (12.9%)* below the revised June rate of 300,000, but is 6.8 percent (13.5%)* above the July 2010 estimate of 279,000. The median sales price of new houses sold in July 2011 was $222,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of July was 165,000. This represents a supply of 6.6 months at the current sales rate.

New Residential Sales data for August 2011 will be released on Monday, September 26, 2011, at 10:00 A.M. EDT. Our Internet site is: http://www.census.gov/newhomesales 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 percen ( 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 per 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 inter 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 house 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 hou 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 the prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 7 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 NorthMideast west South
1

Period

United States

West

United States

For sale at end of period NorthMideast west South Seasonally adjusted

West

Months' Supply2

Median sales price ($)

Average sales price ($)

2010:

July August September October November December

279 278 316 282 287 331 310 281 305 316 309 300

29 30 35 30 20 22 33 19 25 25 19 14

43 32 50 40 35 38 42 31 39 41 42 42

163 150 163 162 164 168 163 170 171 168 173 176

44 66 68 50 68 103 72 61 70 82 75 68

210 206 202 200 196 190 186 182 178 173 168 166

9.0 8.9 7.7 8.5 8.2 6.9 7.2 7.8 7.0 6.6 6.5 6.6

2011:

January February March April (r) May (r) June (r)

July (p)
Average RSE (%)
3

298
8

28
26

43
22

163
11

64
12

165
4

6.6
7

Percent Change: July 2011 from June 2011

90% Confidence Interval 4

-0.7%
12.9

100.0%
94.6

2.4%
32.5

-7.4%
16.3

-5.9%
26.2

-0.6%
1.5

0.0%
14.5

July 2011 from July 2010

90% Confidence Interval
4

6.8%
13.5

-3.4%
44.7

0.0%
43.6

0.0%
19.2

45.5%
45.2

-21.4%
3.7

-26.7%
11.1

Not seasonally adjusted 2009: 2010: RSE (%) 2010: 2011: RSE (%) Year to Date Percent Change 90% Confidence Interval
4 5

375 323 4

31 31 8 20 14 10

54 45 14 30 24 12

202 173 6 112 103 6

87 74 5 47 44 6

232 188 3 (X) (X) (X) (X) (X)

27 22 8 (X) (X) (X) (X) (X)

38 27 14 (X) (X) (X) (X) (X)

118 98 6 (X) (X) (X) (X) (X)

48 41 5 (X) (X) (X) (X) (X)

(X) (X) (X) (X) (X) (X) (X) (X)

216,700 221,800 3 (X) (X) (X) (X) (X)

270,900 272,900 2 (X) (X) (X) (X) (X)

Year to Date Year to Date

208 186 4

-10.7%
4.8

-29.4%
12.7

-17.6%
12.1

-7.3%
7.1

-6.9%
7.5

2010:

July August September October November December

26 23 25 23 20 23 21 22 28 30 29 28

3 3 3 3 2 2 2 1 2 3 2 1

4 3 4 3 2 3 3 2 3 4 4 4

16 12 12 13 12 12 11 13 16 16 16 17

4 6 6 4 4 6 5 5 7 8 7 6

210 209 204 199 195 188 185 181 179 172 168 166

24 23 22 22 22 22 21 21 20 19 19 19

31 31 29 29 28 27 25 25 26 25 25 24

109 108 109 104 102 98 98 96 96 93 92 89

46 46 44 44 43 41 41 38 38 35 33 34

7.9 8.9 8.2 8.7 9.5 8.3 8.6 8.3 6.4 5.7 5.9 5.9

212,100 226,600 228,000 204,200 219,600 241,200 240,100 220,100 220,500 224,700 221,900 236,800

252,100 268,800 270,800 254,400 281,700 291,700 275,700 262,800 260,800 268,900 262,800 272,000

2011:

January February March April (r) May (r) June (r)

July (p)
Average RSE (%)3

27
8

3
26

4
22

15
11

6
12

164
4

19
12

24
13

87
5

34
9

6.0
7

222,000
4

272,300
4

(p) Prelminary.
1 4

(r) Revised.

RSE Relative standard error.

(X) Not applicable.

(Z) Less than 500 units or less than 0.5 percent.

2 3 Seasonally adjusted houses sold are published at annual rates. 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. Detail may not add to total because of rounding.]

Period

Total

Under $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

Number of houses1 2009: 2010:

RSE (%) 375 323 4 67 55 8 96 79 7 114 97 6 46 44 8 23 21 9 20 18 14 10 8 15

2010:

July August September October November December

26 23 25 23 20 23 21 22 28 30 29 28

4 4 4 5 3 3 3 3 5 5 5 4

8 6 6 6 5 5 3 6 6 7 6 6

9 7 9 6 5 6 8 6 9 10 9 10

3 3 3 3 3 4 3 3 4 5 4 4

1 2 1 1 1 2 2 2 1 2 2 2

1 1 1 1 1 2 1 1 2 2 1 2

1 1 1 (Z) 1 1 (Z) (Z) (Z) 1 (Z) (Z)

2011:

January February March April (r) May (r) June (r)

July (p)
Average RSE (%)
2

27
8

5
20

6
16

10
12

4
16

1
30

1
28

1
51

Percent distribution 2009: 2010:

100 100 18 17 26 24 30 30 12 14 6 6 5 6 3 3

2010:

July August September October November December

100 100 100 100 100 100 100 100 100 100 100 100

15 16 16 21 17 13 16 14 19 16 17 14

29 27 23 27 25 23 16 27 23 23 23 23

35 31 34 26 26 28 36 29 31 32 32 37

11 11 13 12 16 18 16 16 16 15 15 14

4 7 6 6 6 7 8 8 5 8 6 6

5 6 5 5 6 7 7 5 6 5 5 6

2 3 2 2 4 3 2 1 2 2 1 1

2011:

January February March April (r) May (r) June (r)

July (p)

100

18

22

36

13

(p) Prelminary.
1 2

(r) Revised.

RSE Relative standard error.

(X) Not applicable.

(Z) Less than 500 units or less than 0.5 percent.

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 Not Under started construction
375 323 4 82 67 9 107 104 4

Period Total 2009: 2010: RSE (%)

Completed
186 151 4

Total
232 188 4

For sale at end of period Not Under started construction

31 27 8 101 81 6

Completed
100 80 5

Median months 1 for sale

14.0 7.9 8

2010:

July August September October November December

26 23 25 23 20 23 21 22 28 30 29 28

6 5 5 4 4 5 6 7 6 7 7 6

8 8 8 7 5 6 6 5 9 8 9 10

13 11 12 12 12 12 9 10 13 15 12 13

210 209 204 199 195 188 185 181 179 172 168 166

27 27 27 26 25 27 27 26 26 25 25 25

102 97 94 90 87 81 80 78 79 79 78 80

81 84 84 84 82 80 79 77 74 68 65 61

11.2 10.1 8.8 8.1 8.2 7.9 7.8 8.1 8.7 8.9 9.2 10.0

2011:

January February March April (r) May (r) June (r)

July (p)
Average RSE (%)
2

27
8

8
9

9
10

11
9

164
4

25
9

78
5

61
5

9.4
7

(p) Prelminary.
1 2

(r) Revised.

RSE Relative standard error.

(X) Not applicable.

(Z) Less than 500 units or less than 0.5 percent.

Median number of months for sale since completion. Average RSE for the latest 6-month period.