New Residential Sales in November 2007

Press Release / US Census Bureau News
Joint Release
US Dept. of Housing and Urban Development
US Dept of Commerce 28dec2007

[Tables and Graph Below ]

Erica Filipek or Raemeka Mayo
Manufacturing and Construction Division
(301) 763-5160

NEW RESIDENTIAL SALES IN NOVEMBER 2007

Sales of new one-family houses in November 2007 were at a seasonally adjusted annual rate of 647,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.0 percent (±13.9%)* below the revised October rate of 711,000 and is 34.4 percent (±7.9%) below the November 2006 estimate of 987,000.

The median sales price of new houses sold in November 2007 was $239,100; the average sales price was $293,300. The seasonally adjusted estimate of new houses for sale at the end of November was 505,000. This represents a supply of 9.3 months at the current sales rate.

New Residential Sales data for December 2007 will be released on Monday, January 28, 2008, at 10:00 A.M. EST. Our Internet site is: http://www.census.gov/newhomesales

EXPLANATORY NOTES

* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

source: 28dec2007

Table 1. New Houses Sold and For Sale
[Thousands of houses. Detail may not add to total because of rounding]

Period		Sold during period¹					For sale at end of period						Median	Average
Period		United	North-	Mid-			United	North-	Mid-			Months'	sales	sales
States	east	west	South	West	States	east	west	South	West	supply²	price ($)	price ($)
		Seasonally adjusted

2006:	November	987	64	150	536	237	542					6.5
	December	1,019	73	181	518	247	535					6.2

2007:	January	890	62	166	492	170	536					7.2
	February	840	46	127	462	205	544					8.1
	March	830	82	126	421	201	548					8.3

	April	907	82	121	495	209	547					7.4
	May	861	84	141	435	201	543					7.7
	June	797	65	113	442	177	541					8.3

	July	796	47	105	429	215	538					8.3
	August^r	701	59	121	366	155	533					9.4
	September^r	699	62	104	356	177	527					9.2

	October^r	711	57	127	376	151	514					8.8

	November^p	647	46	92	352	157	505					9.3

Average RSE (%)³		7	21	16	10	11	4					6

Percent Change:

	November 2007 from October 2007	-9.0%	-19.3%	-27.6%	-6.4%	4.0%	-1.8%					5.7%

	90% Confidence Interval⁴	± 13.9	± 42.5	± 17.8	± 22.9	± 18.7	± 0.8					± 20.0

	November 2007 from November 2006	-34.4%	-28.1%	-38.7%	-34.3%	-33.8%	-6.8%					43.1%

	90% Confidence Interval⁴	± 7.9	± 28.3	± 21.8	± 13.4	± 14.2	± 2.7					± 17.4

		Not seasonally adjusted

2005:		1,283	81	205	638	358	515	47	109	249	109	(X)	240,900	297,000
2006:		1,051	63	161	559	267	537	54	97	267	119	(X)	246,500	305,900

RSE (%)		3	8	9	4	4	3	12	8	5	7	(X)	3	2

2006:	Year to Date	980	58	150	520	251	(X)	(X)	(X)	(X)	(X)	(X)	(X)	(X)
2007:	Year to Date	731	60	114	385	173	(X)	(X)	(X)	(X)	(X)	(X)	(X)	(X)

RSE (%)		3	10	9	4	5	(X)	(X)	(X)	(X)	(X)	(X)	(X)	(X)

	Year to Date Percent Change⁵	-25.4%	2.8%	-24.2%	-26.0%	-31.3%	(X)	(X)	(X)	(X)	(X)	(X)	(X)	(X)

	90% Confidence Interval⁴	± 2.5	± 13.0	± 5.9	± 3.9	± 4.3	(X)	(X)	(X)	(X)	(X)	(X)	(X)	(X)

2006:	November	71	5	11	39	16	548	54	102	273	119	7.8	240,100	291,800
	December	71	5	12	39	15	537	54	97	267	119	7.6	244,700	301,900

2007:	January	66	4	11	38	13	539	55	94	267	123	8.2	254,400	314,600
	February	68	4	10	36	18	540	54	90	272	124	8.0	250,800	321,500
	March	80	7	12	40	21	542	52	87	276	127	6.8	262,600	329,400

	April	83	9	11	43	20	542	52	87	274	129	6.5	242,500	311,700
	May	79	8	14	39	19	544	52	85	276	131	6.9	245,000	309,700
	June	73	6	11	41	15	543	51	85	273	134	7.5	235,500	306,500

	July	68	4	9	36	18	538	52	83	271	131	8.0	246,200	307,100
	August^r	60	5	11	31	13	538	52	82	272	132	8.9	236,500	301,300
	September^r	54	5	8	27	14	527	50	80	271	126	9.8	237,700	290,700

	October^r	55	4	10	29	12	519	50	78	266	126	9.4	229,500	307,900

	November^p	46	4	6	26	10	509	49	78	260	122	11.1	239,100	293,300

Average RSE (%)³		7	21	16	10	11	4	13	9	4	7	6	5	5


	^pPreliminary. ^rRevised. RSE Relative standard error. X Not applicable. Z Less than 0.5 percent.

	¹Seasonally adjusted houses sold are published at annual rates. ²Ratio of houses for sale to houses sold. ³Average RSE for the latest 6-month period.
	⁴See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals.						⁵Computed 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]

Period			Under	$150,000 to	$200,000 to	$300,000 to	$400,000 to	$500,000 to	$750,000
Total	$150,000	$199,999	$299,999	$399,999	$499,999	$749,999	and over
		Number of houses¹

2005:		1,283	226	246	352	203	111	99	45
2006:		1,051	162	208	300	174	84	80	43

RSE (%)		3	11	6	5	6	8	8	14

2006:	November	71	11	15	19	13	6	5	2
	December	71	12	13	20	11	5	6	3

2007:	January	66	9	15	18	11	6	5	3
	February	68	9	12	21	11	5	6	3
	March	80	8	16	24	14	7	6	4

	April	83	14	18	22	12	7	6	4
	May	79	10	17	24	13	6	6	3
	June	73	10	18	20	10	5	6	3

	July	68	10	13	22	10	4	6	3
	August^r	60	9	14	18	8	5	4	2
	September^r	54	8	10	18	7	4	4	2

	October^r	55	9	14	13	8	4	5	2

	November^p	46	8	10	12	8	4	3	1

Average RSE (%)²		7	21	13	12	15	20	21	27

		Percent distribution

2005:		100	18	19	27	16	9	8	4
2006:		100	15	20	29	17	8	8	4

2006:	November	100	16	21	27	18	9	7	3
	December	100	17	19	28	16	7	9	4

2007:	January	100	14	22	27	16	9	7	4
	February	100	14	18	32	16	7	9	4
	March	100	11	20	30	17	9	8	5

	April	100	16	22	26	15	9	7	5
	May	100	12	21	30	17	8	7	4
	June	100	14	25	28	14	7	8	4

	July	100	15	19	32	15	6	9	4
	August^r	100	15	23	29	13	9	7	4
	September^r	100	16	19	34	14	7	7	3

	October^r	100	16	26	23	15	8	8	4

	November^p	100	16	22	25	18	8	8	2


	^pPreliminary. ^rRevised. RSE Relative standard error. X Not applicable. Z Less than 0.5 percent.

	¹Houses for which sales price was not reported have been distributed proportionally to those for which sales price was reported.
	²Average 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]

Period		Sold during period				For sale at end of period				Median
			Not	Under			Not	Under		months
		Total	started	construction	Completed	Total	started	construction	Completed	for sale¹

2005:		1,283	503	465	315	515	93	307	115	4.0
2006:		1,051	346	368	337	537	78	285	174	4.3

RSE (%)		3	4	4	6	3	5	4	6	8

2006:	November	71	19	24	28	548	79	300	170	4.1
	December	71	19	21	30	537	78	285	174	4.3

2007:	January	66	21	21	24	539	82	281	177	4.8
	February	68	20	24	24	540	83	277	180	5.2
	March	80	23	27	30	542	85	276	181	5.5

	April	83	22	30	31	542	81	281	181	5.8
	May	79	20	27	32	544	84	278	182	5.6
	June	73	18	26	29	543	80	281	181	5.8

	July	68	15	23	30	538	77	280	181	6.0
	August^r	60	14	20	27	538	80	270	187	5.7
	September^r	54	11	17	26	527	77	260	191	5.8

	October^r	55	12	17	26	519	75	253	192	5.9

	November^p	46	13	12	22	509	76	240	193	6.2

Average RSE (%)²		7	7	9	9	4	8	5	5	6


	^pPreliminary. ^rRevised. RSE Relative standard error. Z Less than 0.5 percent.

	¹Median number of months for sale since completion.
	²Average RSE for the latest 6-month period.

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New Residential Sales in November 2007

Press Release / US Census Bureau News Joint Release US Dept. of Housing and Urban Development US Dept of Commerce 28dec2007

Press Release / US Census Bureau News
Joint Release
US Dept. of Housing and Urban Development
US Dept of Commerce 28dec2007