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 WEDNESDAY, OCTOBER 27, 2010 AT 10:00 A.M. EDT
CB10-162 Erica Filipek or Stephen Cooper Manufacturing and Construction Division (301) 763-5160

NEW RESIDENTIAL SALES IN SEPTEMBER 2010
Sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.6 percent (±16.9%)* above the revised August rate of 288,000, but is 21.5 percent (±13.3%) below the September 2009 estimate of 391,000. p , The median sales price of new houses sold in September 2010 was $223,800; the average sales price was $257,500. The seasonally adjusted estimate of new houses for sale at the end of September was 204,000. This represents a supply of 8.0 months at the current sales rate.

New Residential Sales data for October 2010 will be released on Wednesday, November 24, 2010, at 10:00 A.M. EST. 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 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 i t fid interval i l d zero. Th C l includes The Census B Bureau d does not h t have sufficient statistical evidence t conclude th t th actual change is different from zero. ffi i t t ti ti l id to l d that the t l h i diff tf

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
2009: September October November December 2010: January February March April May June (r) July (r) August (r) 391 396 368 356 349 347 384 414 282 310 285 288 37 33 31 38 42 30 33 36 28 34 30 29 67 54 71 51 55 49 53 56 39 46 44 33 191 213 189 184 174 180 206 213 152 174 166 155 96 96 77 83 78 88 92 109 63 56 45 71 252 242 236 231 232 232 228 216 216 211 210 206 7.7 7.3 7.7 7.8 8.0 8.0 7.1 6.3 9.2 8.2 8.8 8.6

Period

United States

West

United States

West

Months' Supply2

Median sales price ($)

Average sales price ($)

September (p)
Average RSE (%)3

307
8

30
25

53
24

160
11

64
16

204
4

8.0
7

Percent Change: September 2010 from August 2010
90% Confidence Interval 4

6.6%
± 16.9

3.4%
± 60.5

60.6%
± 48.7

3.2%
± 22.6

-9.9%
± 24.8

-1.0%
± 1.0

-7.0%
± 18.1

September 2010 from September 2009
90% Confidence Interval 4

-21.5%
± 13.3

-18.9%
± 46.7

-20.9%
± 36.5

-16.2%
± 17.1

-33.3%
± 18.7

-19.0%
± 3.7

3.9%
± 17.2

Not seasonally adjusted 2008: 2009: RSE (%) 2009: 2010: Year to Date Year to Date
485 375 3 291 257 3
5

35 31 10 23 25 9

70 54 15 41 37 15

266 202 4 157 137 6

114 87 6 70 59 5

352 232 3 (X) (X) (X) (X) (X) 254 243 235 232 231 229 227 216 215 213 210 208

37 27 12 (X) (X) (X) (X) (X) 29 28 27 27 26 26 25 24 24 24 25 24

57 38 10 (X) (X) (X) (X) (X) 43 42 39 38 37 36 36 35 34 32 31 31

175 118 4 (X) (X) (X) (X) (X) 130 123 120 118 119 119 118 113 114 111 109 108

83 48 8 (X) (X) (X) (X) (X) 53 50 48 48 48 47 47 45 44 45 45 45

(X) (X) (X) (X) (X) (X) (X) (X) 8.4 7.4 9.0 9.6 9.7 8.6 6.3 5.3 8.3 7.5 7.9 8.4

232,100 216,700 3 (X) (X) (X) (X) (X) 216,600 215,100 218,800 222,600 218,200 221,900 224,800 208,300 230,500 219,500 209,800 220,500

292,600 270,900 3 (X) (X) (X) (X) (X) 290,300 263,800 274,700 278,300 283,400 284,100 262,900 270,500 281,100 256,700 248,800 260,500

RSE (%) Year to Date Percent Change 90% Confidence Interval
2009: September October November December 2010: January February March April May June (r) July (r) August (r)
4

-11.8%
± 4.8 30 33 26 24 24 27 36 41 26 28 27 25

5.4%
± 14.6 3 3 2 3 3 2 3 4 3 3 2 3

-10.5%
± 13.0 5 4 5 3 4 4 5 5 4 4 4 3

-13.0%
± 6.0 14 18 14 13 12 13 19 21 14 16 16 13

-15.6%
± 7.4 8 8 5 5 5 7 9 10 6 5 4 6

September (p)
Average RSE (%)3

24
8

3
25

4
24

12
11

5
16

205
4

24
12

29
13

108
5

44
6

8.5
7

223,800
4

257,500
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 2008: 2009:
RSE (%) 485 374 3 77 66 10 106 96 7 149 114 5

69 46 7

35 23 10

31 20 11

18 10 17

2009:

September October November December

30 33 26 24 24 27 36 41 26 28 27 25

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

8 8 7 5 5 6 9 12 7 7 8 7

10 11 8 7 6 9 11 12 7 9 9 8

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

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

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

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

2010:

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

September (p)
Average RSE (%)
2

24
8

5
18

5
14

9
15

3
18

1
28

1
35

1
48

Percent distribution 2008: 2009:
100 100 16 18 22 26 31 30 14 12 7 6 6 5 4 3

2009:

September October November December

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

15 19 18 19 21 21 18 17 16 17 15 17

26 24 26 23 21 21 25 29 25 23 29 28

32 35 31 30 27 33 31 28 29 31 34 31

11 12 12 13 15 11 13 12 13 18 10 11

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

8 3 3 7 7 6 4 6 5 5 4 5

3 3 4 5 4 4 1 3 4 1 2 3

2010:

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

September (p)
(p) Prelminary.
1 2

100
(r) Revised. RSE Relative standard error.

19
(X) Not applicable.

22

38

11

6

2

2

(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
485 375 3 30 33 26 24 24 27 36 41 26 28 27 25 104 82 7 6 6 6 6 7 7 8 7 5 5 6 5 134 107 5 10 11 8 7 7 9 14 15 8 9 8 9

Period Total 2008: 2009: RSE (%)
2009: September October November December 2010: January February March April May June (r) July (r) August (r)

Completed
247 186 5 15 16 12 11 9 11 14 19 13 14 12 11

Total
352 232 3 254 243 235 232 231 229 227 216 215 213 210 208

For sale at end of period Not Under started construction
41 31 7 32 30 28 31 30 29 30 29 28 28 27 29 139 101 5 112 107 105 101 101 103 104 101 103 102 101 96

Completed
172 100 5 111 106 101 100 99 96 92 86 85 83 81 83

Median months for sale1
9.2 14.0 5 13.2 13.7 13.9 14.0 13.9 14.3 14.4 14.0 14.0 12.3 11.3 10.2

September (p)
Average RSE (%)
2

24
8

6
9

7
10

11
9

205
4

30
8

93
5

83
5

8.7
12

(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.

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