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, NOVEMBER 23, 2016 AT 10:00 A.M. EST CB16-196 Raemeka Mayo or Stephen Cooper Economic Indicators Division (301) 763-5160
NEW RESIDENTIAL SALES IN OCTOBER 2016 Sales of new single-family houses in October 2016 were at a seasonally adjusted annual rate of 563,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.9 percent (±13.1%)* below the revised September rate of 574,000, but is 17.8 percent (±16.9%) above the October 2015 estimate of 478,000. The median sales price of new houses sold in October 2016 was $304,500; the average sales price was $354,900. The seasonally adjusted estimate of new houses for sale at the end of October was 246,000. This represents a supply of 5.2 months at the current sales rate.
New Residential Sales data for November 2016 will be released on Friday, December 23, 2016, at 10:00 A.M. EST. Our Internet site is: http://www.census.gov/newhomesales To learn more about this release and the other indicators the U.S. Census Bureau publishes, join us for the Investigating Economic Indicators Webinar Series. For more information, visit www.census.gov/econ/webinar .
To receive the latest updates on the Nation's key economic indicators, download the America's Economy app for Apple and Android smartphones and tablets.
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 3 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.]
United States
Period
Sold during period1 NorthMideast west South
United States
West
For sale at end of period NorthMideast west South
Months' Supply2
West
Median sales price ($)
Average sales price ($)
Seasonally adjusted
2015:
October November December
478 508 538
32 27 31
58 66 69
273 276 285
115 139 153
225 230 235
5.6 5.4 5.2
2016:
January February March
526 525 537
36 29 32
67 59 68
293 290 305
130 147 132
239 242 244
5.5 5.5 5.5
April May June
570 566 558
40 32 28
61 73 75
324 319 321
145 142 134
241 240 242
5.1 5.1 5.2
July (r) August (r) September (r)
622 567 574
37 24 33
79 67 73
364 333 332
142 143 136
236 240 239
4.6 5.1 5.0
October (p)
563
30
63
322
148
246
5.2
8
24
19
10
15
5
7
Average RSE (%)3
Percent Change: October 2016 from September 2016
-1.9%
-9.1%
-13.7%
-3.0%
8.8%
2.9%
4.0%
90% Confidence Interval 4
± 13.1
± 39.0
± 26.7
± 17.2
± 29.3
± 1.6
± 14.1
October 2016 from October 2015
17.8%
-6.3%
8.6%
17.9%
28.7%
9.3%
-7.1%
90% Confidence Interval 4
± 16.9
± 50.0
± 29.1
± 20.0
± 35.0
± 5.4
± 14.6
Not seasonally adjusted 2014: 2015: RSE (%) 2015: 2016:
Year to Date Year to Date
RSE (%) Year to Date Percent Change 90% Confidence Interval
5
4
437 501
28 24
59 61
243 286
108 130
212 235
18 24
29 32
118 124
47 55
(X) (X)
282,800 296,400
345,800 360,600
3
11
10
5
5
5
11
13
5
8
(X)
3
3
428 482
20 28
52 59
245 274
111 121
(X) (X)
(X) (X)
(X) (X)
(X) (X)
(X) (X)
(X) (X)
(X) (X)
(X) (X)
3
10
11
5
5
(X)
(X)
(X)
(X)
(X)
(X)
(X)
(X)
12.7%
35.0%
14.9%
11.7%
9.7%
(X)
(X)
(X)
(X)
(X)
(X)
(X)
(X)
± 3.9
± 16.0
± 10.8
± 4.9
± 8.6
(X)
(X)
(X)
(X)
(X)
(X)
(X)
(X)
2015:
October November December
39 36 38
3 2 2
5 4 5
22 20 21
9 9 10
228 232 235
22 22 24
32 32 32
119 121 124
55 56 55
5.8 6.5 6.2
298,700 317,000 299,000
366,900 376,800 358,100
2016:
January February March
39 45 50
3 2 3
4 4 6
22 26 29
10 13 13
235 236 240
24 24 24
31 31 32
125 126 127
55 55 57
6.1 5.3 4.8
291,100 311,300 311,400
365,600 349,400 367,700
April May June
55 53 50
4 3 3
6 7 7
31 29 28
14 14 12
239 238 243
25 24 26
32 31 32
126 127 128
56 56 58
4.3 4.5 4.8
321,300 296,000 321,600
380,000 350,000 364,300
July (r) August (r) September (r)
54 47 45
3 2 3
7 6 6
32 26 26
12 12 10
236 242 245
25 26 27
31 32 32
122 126 128
58 59 58
4.4 5.2 5.5
295,000 299,600 314,100
355,000 359,000 364,100
October (p)
45
2
5
25
11
248
28
33
129
59
5.5
304,500
354,900
8
24
19
10
15
5
13
10
6
7
7
5
5
Average RSE (%)3
(p) Prelminary.
(r) Revised.
RSE Relative standard error.
1
(X) Not applicable.
(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. 5 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. Computed using unrounded data.
4
Note: The sales price includes the land.
2
Table 2. New Houses Sold, by Sales Price [Thousands of houses. Detail may not add to total because of rounding.]
Period
Under $150,000
Total
$150,000 to $199,999
$200,000 to $299,999
$300,000 to $399,999
Number of houses 2014: 2015:
$400,000 to $499,999
$500,000 to $749,999
$750,000 and over
1
437 501
28 27
72 69
140 159
88 102
47 63
41 54
21 28
3
18
17
4
7
8
10
12
RSE (%)
2015:
October November December
39 36 38
2 1 2
4 3 5
13 12 12
8 8 7
5 6 5
5 3 4
2 2 2
2016:
January February March
39 45 50
1 3 2
8 4 5
12 13 17
8 12 12
5 8 7
4 4 6
2 1 2
April May June
55 53 50
2 2 1
8 9 6
14 16 15
15 13 12
7 6 9
7 5 5
3 2 1
July (r) August (r) September (r)
54 47 45
2 2 1
8 6 5
17 15 13
13 11 12
7 5 6
4 5 5
3 2 2
October (p)
45
2
8
12
12
5
4
2
8
39
26
14
15
20
20
28
2
Average RSE (%)
Percent distribution 2014: 2015:
100 100
7 5
16 14
32 32
20 20
11 13
9 11
5 5
SE (%)
(X)
1
2
1
1
1
1
1
2015:
October November December
100 100 100
6 3 6
11 9 13
34 34 32
20 21 18
12 17 14
12 10 11
5 6 5
2016:
January February March
100 100 100
3 6 4
20 9 10
30 29 34
21 26 23
12 17 13
10 10 12
5 2 4
April May June
100 100 100
3 4 2
14 17 12
26 30 30
26 24 23
12 11 18
13 9 11
5 5 3
July (r) August (r) September (r)
100 100 100
3 5 3
15 12 12
31 33 30
24 24 28
14 12 13
8 10 11
5 5 3
October (p)
100
5
17
27
27
11
9
4
(X)
2
3
3
3
2
2
1
SE (%)
(p) Prelminary.
(r) Revised.
RSE Relative standard error.
SE Standard error.
(X) Not applicable.
(Z) Less than 500 units or less than 0.5 percent.
1
Houses for which sales price was not reported have been distributed proportionally to those for which sales price was reported
2
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 period1 Not Under started construction
Period Total
Completed
Total Seasonally adjusted
For sale at end of period Not Under started construction
Median months for sale2
Completed
2015:
October November December
478 508 538
148 176 157
183 183 226
147 149 155
225 230 235
39 38 39
134 139 141
52 53 55
2016:
January February March
526 525 537
166 147 167
196 198 200
164 180 170
239 242 244
38 38 37
145 148 150
56 56 57
April May June
570 566 558
156 205 157
231 176 205
183 185 196
241 240 242
36 37 38
147 144 147
58 59 57
July (r) August (r) September (r)
622 567 574
170 183 180
257 198 204
195 186 190
236 240 239
38 40 41
139 139 139
59 61 59
October (p)
563
188
183
192
246
42
145
59
8
8
9
10
5
7
5
6
Average RSE (%)3
Not seasonally adjusted 2014: 2015: RSE (%)
437 501
137 161
156 175
145 166
212 235
33 39
118 138
60 59
3.0 2.9
3
9
4
5
3
9
4
5
8
2015:
October November December
39 36 38
11 12 11
16 12 14
12 11 13
228 232 235
40 36 39
135 140 138
52 55 59
2.9 3.0 2.9
2016:
January February March
39 45 50
13 14 17
14 16 18
12 15 15
235 236 240
36 36 38
139 140 143
60 60 58
3.3 3.7 4.0
April May June
55 53 50
16 19 14
22 17 19
17 17 17
239 238 243
36 37 39
145 144 150
58 57 53
4.1 3.8 4.0
July (r) August (r) September (r)
54 47 45
14 15 13
23 17 17
17 15 15
236 242 245
37 41 43
145 144 144
54 57 58
3.6 3.2 3.1
October (p)
45
14
15
16
248
42
147
59
3.0
8
8
9
10
5
7
5
6
10
Average RSE (%)3
(p) Prelminary.
(r) Revised.
RSE Relative standard error.
1
Seasonally adjusted houses sold are published at annual rates.
2
Median number of months for sale since completion.
3
Average RSE for the latest 6-month period.
(X) Not applicable.
(Z) Less than 500 units or less than 0.5 percent.