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 FRIDAY, MARCH 23, 2012 AT 10:00 A.M. EDT
CB12-47 Raemeka Mayo or Stephen Cooper Manufacturing and Construction Division (301) 763-5160

NEW RESIDENTIAL SALES IN FEBRUARY 2012

Sales of new single-family houses in February 2012 were at a seasonally adjusted annual rate of 313,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.6 percent (23.9%)* below the revised January rate of 318,000, but is 11.4 percent (17.8%)* above the February 2011 estimate of 281,000. The median sales price of new houses sold in February 2012 was $233,700; the average sales price was $267,700. The seasonally adjusted estimate of new houses for sale at the end of February was 150,000. This represents a supply of 5.8 months at the current sales rate.

New Residential Sales data for March 2012 will be released on Tuesday, April 24, 2012, 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 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 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 period1 NorthMideast west South For sale at end of period NorthMideast west South Seasonally adjusted
2011: February March April May June July August September October November (r) December (r) 2012: January (r) 281 305 316 308 303 295 290 302 311 322 336 318 19 25 25 19 16 23 23 19 18 16 19 21 31 39 41 41 45 46 48 47 50 51 57 41 170 171 168 174 171 163 156 170 159 183 174 181 61 70 82 74 71 63 63 66 84 72 86 75 182 178 173 168 166 166 162 161 159 156 154 150 7.8 7.0 6.6 6.5 6.6 6.8 6.7 6.4 6.1 5.8 5.5 5.7

Period

United States

West

United States

West

Months' Supply2

Median sales price ($)

Average sales price ($)

February (p)
Average RSE (%)3

313
9

24
25

40
22

168
12

81
15

150
5

5.8
8

Percent Change: February 2012 from January 2012

90% Confidence Interval 4

-1.6%
23.9

14.3%
63.8

-2.4%
45.8

-7.2%
29.3

8.0%
69.4

0.0%
1.3

1.8%
20.0

February 2012 from February 2011

90% Confidence Interval 4

11.4%
17.8

26.3%
66.5

29.0%
41.8

-1.2%
20.3

32.8%
38.0

-17.6%
4.4

-25.6%
12.0

Not seasonally adjusted 2010: 2011:

323 306 4 43 47 6
5

(r)

31 21 9 4 3 23

45 45 12 5 6 15

173 168 6 24 26 10

74 72 6 10 12 9

188 152 5 (X) (X) (X) (X) (X) 181 179 172 168 167 165 164 163 159 156 152 150

22 19 14 (X) (X) (X) (X) (X) 21 20 19 19 19 19 19 18 18 19 19 19

27 20 10 (X) (X) (X) (X) (X) 25 26 25 25 24 24 23 23 23 22 20 20

98 80 7 (X) (X) (X) (X) (X) 96 96 93 91 89 87 87 87 85 82 80 79

41 32 11 (X) (X) (X) (X) (X) 38 38 35 33 34 34 35 34 33 33 32 32

(X) (X) (X) (X) (X) (X) (X) (X) 8.3 6.4 5.7 5.9 5.9 6.1 6.6 6.7 6.4 6.9 6.4 6.8

221,800 226,700 3 (X) (X) (X) (X) (X) 220,100 220,500 224,700 222,000 240,200 229,900 219,600 217,000 224,800 214,300 218,500 215,700

272,900 267,500 2 (X) (X) (X) (X) (X) 262,800 260,800 268,900 262,700 273,100 270,300 259,300 255,400 258,300 250,000 262,200 261,900

RSE (%) 2011: 2012: Year to Date Year to Date

RSE (%) Year to Date Percent Change 90% Confidence Interval

2011: February March April May June July August September October November (r) December (r) 2012: January (r)
4

8.2%
12.2 22 28 30 28 28 27 25 24 25 23 24 22

-11.0%
38.9 1 2 3 2 1 2 2 2 2 1 1 2

10.0%
27.7 2 3 4 4 5 4 5 4 4 4 4 3

6.5%
16.4 13 16 16 16 16 15 13 13 13 13 13 13

18.6%
21.4 5 7 8 7 6 6 5 5 7 5 6 5

February (p)
Average RSE (%)3

25
9

2
25

3
22

13
12

7
15

150
5

19
14

19
12

82
7

31
11

6.1
8

233,700
5

267,700
4

(p) Prelminary.
1 4

(r) Revised.

RSE Relative standard error.

(X) Not applicable.

2

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

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. See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. 5 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
1

$400,000 to $499,999

$500,000 to $749,999

$750,000 and over

Number of houses 2010: 2011:

RSE (%) 323 306 4 55 50 10 79 68 6 97 99 5

(r)

44 46 10

21 20 10

18 17 10

8 6 18

2011:

February March April May June July August September October November (r) December (r)

22 28 30 28 28 27 25 24 25 23 24 22

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

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

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

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

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

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

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

2012:

January (r)

February (p)
Average RSE (%)
2

25
9

3
20

5
15

10
15

4
22

1
27

1
35

(Z)
48

Percent distribution 2010: 2011:

100 100 17 16 24 22 30 32 14 15 6 7 6 5 3 2

(r)

2011:

February March April May June July August September October November (r) December (r)

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

14 19 16 17 13 17 20 16 18 18 18 21

27 23 23 23 22 21 21 26 22 26 25 21

29 31 32 32 37 35 31 33 34 31 30 31

16 16 15 15 16 16 15 13 14 15 13 14

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

5 6 5 5 6 4 5 5 3 4 6 4

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

2012:

January (r)

February (p)
(p) Prelminary.
1 2

100
(r) Revised. RSE Relative standard error.

13
(X) Not applicable.

21

41

14

(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
323 306 4 22 28 30 28 28 27 25 24 25 23 24 22 67 74 8 7 6 7 7 6 7 5 5 5 6 6 6 104 91 5 5 9 8 9 9 9 8 8 7 6 6 6

Period Total 2010: 2011:

Completed
151 140 5 10 13 15 12 13 11 11 11 12 11 12 10

Total
188 152 5 181 179 172 168 167 165 164 163 159 156 152 150

For sale at end of period Not Under started construction

27 25 9 26 26 25 24 24 23 24 25 24 24 25 25 81 67 6 78 79 79 78 81 80 78 77 77 73 67 68

Completed
80 60 5 77 74 68 66 61 62 62 61 59 59 60 57

Median months for sale1

7.9 6.8 8 8.1 8.7 8.9 9.2 10.0 9.4 8.7 7.6 7.2 7.2 6.8 7.3

(r)

RSE (%)
2011: February March April May June July August September October November (r) December (r) 2012: January (r)

February (p)
Average RSE (%)
2

25
9

7
10

8
12

10
10

150
5

29
9

67
6

54
6

7.6
10

(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.