JUNE 1997 NEW HOUSING SALES AT ANNUAL RATE OF 819,000 Sales of new one-family houses in June 1997 were at a seasonally adjusted annual rate of 819,000, according to estimates released today by the U.S. Commerce Department's Bureau of the Census and the U.S. Department of Housing and Urban Development. This is 6 (+/-10) percent above the revised May rate of 772,000 and 12 (+/-11) percent above the June 1996 rate of 732,000. The median sales price of new houses sold in June was $142,900; the mean sales price was $176,400. At the end of June the seasonally adjusted estimate of new houses for sale was 282,000. This represents a supply of 4.2 months at the current sales rate. Through June 1997 there were 427,000 houses sold compared with 395,000 houses sold during the same period last year. This is an increase of 8 (+/-3) percent. New Home Sales data for July 1997 will be released on August 29, 1997, at 10:00 AM EDT. PRICE INDEX (FISHER IDEAL) The price index of new one-family houses sold was 119.0 (1992 = 100.0) for the second quarter of 1997, up 1.6 ((+/-0.8) percent from the first quarter 1997 index of 117.1. The second quarter 1996 index was 114.5. 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 data are shown in the tables. Whenever a statement such as "an increase of 3 (+/-4) percent" appears in the text, this indicates the range (from -1 percent to +7 percent) in which the actual percent change is likely to have occured. All ranges given for percent changes are 90-percent confidence intervals. If a range contains zero, it is uncertain whether there was an increase or decrease; that is, the change is not statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The January 1997 issue of CURRENT CONSTRUCTION REPORTS, C25/97-1, includes explanations of confidence intervals and sampling variability. Changes in seasonally adjusted statistics often show irregular movement. It takes 4 months to establish a trend for new houses sold. On average, preliminary monthly estimates of total sales are revised +/-5 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. The Bureau has completed the transition from paper and pencil data collection to the use of laptop computers. We will continue to monitor all operations. NEW ONE-FAMILY HOUSES SOLD: JUNE 1997 United North- Mid- Period States east west South West Seasonally adjusted annual rate 1996 - June 732 75 133 323 202 July 782 82 139 345 217 August 814 84 160 365 205 September 768 93 129 341 205 October 706 69 113 329 195 November 788 78 127 368 216 December 794 76 152 356 210 1997 - January 822 111 139 376 196 February 826 114 125 382 205 March(r) 825 96 128 365 236 April(r) 764 87 131 334 212 May(r) 772 90 143 338 201 JUNE(p) 819 71 153 369 226 AVG. RSE(%) 5 14 12 7 7 Not seasonally adjusted 1995 667 55 125 300 187 1996 757 74 137 337 209 AVG. RSE(%) 2 6 7 3 4 1996 First 6 months 395 30 73 177 115 1997 First 6 months 427 45 74 192 115 AVG. RSE(%) 2 7 6 4 2 1996 - June 65 7 12 28 18 1997 - March(r) 81 8 13 36 24 April(r) 70 7 14 30 20 May(r) 72 8 14 31 19 JUNE(p) 74 7 14 33 20 AVG. RSE(%) 5 14 12 7 7 Number of houses in thousands. (p) Preliminary. (r) Revised. AVG. RSE(%): Annual - Avg. Relative Standard Error for the last two years. YTD - Avg. Relative Standard Error for the current period and the same period last year. Monthly - Avg. Relative Standard Error for the latest six month period(January-June or July-December). NEW ONE-FAMILY HOUSES FOR SALE AT END OF PERIOD AND MONTHS SUPPLY AT CURRENT SALES RATE: JUNE 1997 Seasonally adjusted Not Seasonally adjusted Houses Months Houses for sale Months for supply supply Period sale (1) (1) United States United North- Mid- South West States east west 1995 (X) (X) 374 62 69 158 86 (X) 1996 (X) (X) 326 38 67 146 74 (X) AVG. RSE(%) (X) (X) 3 10 6 4 6 (X) 1996 - June 355 5.9 355 59 66 156 74 5.5 July 352 5.6 351 56 65 155 75 5.3 August 343 5.2 342 51 64 153 74 4.7 September 331 5.3 332 45 65 148 73 5.3 October 330 5.7 332 42 68 147 76 6.0 November 327 5.1 330 41 69 147 73 6.1 December 322 5.0 326 38 67 146 74 6.4 1997 - January 308 4.6 309 34 65 137 73 5.1 February 300 4.3 296 30 63 132 71 4.3 March(r) 287 4.3 284 28 63 126 67 3.5 April(r) 287 4.6 286 27 65 127 67 4.1 May(r) 283 4.4 281 25 63 125 68 3.9 JUNE(p) 282 4.2 282 25 62 127 68 3.8 AVG. RSE(%) 3 6 3 11 7 4 6 6 Number of houses in thousands. (p) Preliminary. (r) Revised. (X) Not applicable. (1) Ratio of houses for sale to houses sold. Seasonally adjusted ratio derived from unadjusted ratio. AVG. RSE(%): Annual - Avg. Relative Standard Error for the last two years. Monthly - Avg. Relative Standard Error for the latest six month period(January-June or July-December). MEDIAN AND AVERAGE SALES PRICE: JUNE 1997 Period Median Average 1995 133,900 158,700 1996 140,000 166,400 AVG. RSE(%) 2 2 1996 - June 140,000 166,500 1997 - March(r) 148,000 172,700 April(r) 150,000 179,100 May(r) 140,000 168,500 JUNE(p) 142,900 176,400 AVG. RSE(%) 2 3 Dollars. Includes value of improved lot. (NA) Not available. (p) Preliminary. (r) Revised. AVG. RSE(%): Annual - Avg. Relative Standard Error for the last two years. Monthly - Avg. Relative Standard Error for the latest six month period(January-June or July-December). The tables that follow will appear in the June 1997 C25 Report. If you have been calling for data from those tables that have not been included in the press release, you should find that data below. TABLE 1. NEW HOUSES SOLD AND FOR SALE AND MONTHS SUPPLY AT CURRENT SALES RATE (IN THOUSANDS) NOT SEASONALLY ADJUSTED SEASONALLY ADJUSTED SOLD FOR SALE MONTHS SUPPLY SOLD/1 FOR SALE MONTHS SUPPLY AT CURRENT SALES RATE/2 AT CURRENT SALES RATE/2 ANNUAL DATA 1995.......................... 667 374 (X) (X) (X) (X) 1996.......................... 757 326 (X) (X) (X) (X) MONTHLY DATA 1996: JANUARY............... 54 370 6.9 727 370 6.3 FEBRUARY.............. 68 362 5.3 778 354 5.1 MARCH................. 70 362 5.2 711 367 6.2 APRIL................. 70 366 5.2 741 368 6.0 MAY................... 69 360 5.2 732 362 5.9 JUNE.................. 65 355 5.5 732 355 5.9 JULY.................. 66 351 5.3 782 352 5.6 AUGUST................ 73 342 4.7 814 343 5.2 SEPTEMBER............. 62 332 5.3 768 331 5.3 OCTOBER............... 56 332 6.0 706 330 5.7 NOVEMBER.............. 54 330 6.1 788 327 5.1 DECEMBER.............. 51 326 6.4 794 322 5.0 1997: JANUARY............... 61 309 5.1 822 308 4.6 FEBRUARY.............. 69 296 4.3 826 300 4.3 MARCH\r............... 81 284 3.5 825 287 4.3 APRIL\r............... 70 286 4.1 764 287 4.6 MAY\r................. 72 281 3.9 772 283 4.4 JUNE\p................ 74 282 3.8 819 282 4.2 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).............. 2 3 (X) (X) (X) (X) MONTHLY (PERCENT.............. 5 3 6 5 3 6 p Preliminary r Revised 1 Annual rate 2 Ratio of houses for sale to houses sold TABLE 2. HOUSES SOLD AND FOR SALE, BY REGION (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) FOR SALE AT END OF PERIOD SOLD DURING PERIOD (NOT SEASONALLY ADJUSTED) NOT SEASONALLY ADJUSTED SEASONALLY ADJUSTED ANNUAL RATE UNITED NORTH- MID- UNITED NORTH- MID- UNITED NORTH- MID- STATES EAST WEST SOUTH WEST STATES EAST WEST SOUTH WEST STATES EAST WEST SOUTH WEST 1995................ 667 55 125 300 187 (X) (X) (X) (X) (X) 374 62 69 158 86 1996................ 757 74 137 337 209 (X) (X) (X) (X) (X) 326 38 67 146 74 MONTHLY DATA 1996: JANUARY..... 54 3 10 24 17 727 50 158 308 212 370 61 66 158 85 FEBRUARY.... 68 5 11 31 21 778 65 132 352 229 362 58 66 157 81 MARCH....... 70 4 13 32 20 711 51 131 322 206 362 59 66 159 79 APRIL....... 70 6 13 30 21 741 61 124 330 226 366 59 67 163 77 MAY......... 69 5 14 32 19 732 57 138 341 196 360 61 67 158 74 JUNE........ 65 7 12 28 18 732 75 133 323 202 355 59 66 156 74 JULY........ 66 7 12 29 18 782 82 139 345 217 351 56 65 155 75 AUGUST...... 73 8 14 33 19 814 84 160 365 205 342 51 64 153 74 SEPTEMBER... 62 9 10 27 17 768 93 129 341 205 332 45 65 148 73 OCTOBER..... 56 6 9 26 15 706 69 113 329 195 332 42 68 147 76 NOVEMBER.... 54 6 9 25 14 788 78 127 368 216 330 41 69 147 73 DECEMBER.... 51 6 9 23 13 794 76 152 356 210 326 38 67 146 74 1997: JANUARY..... 61 7 9 29 15 822 111 139 376 196 309 34 65 137 73 FEBRUARY.... 69 9 10 33 18 826 114 125 382 205 296 30 63 132 71 MARCH\r..... 81 8 13 36 24 825 96 128 365 236 284 28 63 126 67 APRIL\r..... 70 7 14 30 20 764 87 131 334 212 286 27 65 127 67 MAY\r....... 72 8 14 31 19 772 90 143 338 201 281 25 63 125 68 JUNE\p...... 74 7 14 33 20 819 71 153 369 226 282 25 62 127 68 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 6 7 3 4 (X) (X) (X) (X) (X) 3 10 6 4 6 MONTHLY (PERCENT)... 5 14 12 7 7 5 14 12 7 7 3 11 7 4 6 p Preliminary r Revised X Not applicable TABLE 3. HOUSES SOLD AND FOR SALE, BY STAGE OF CONSTRUCTION (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) SOLD DURING PERIOD FOR SALE AT END OF PERIOD UNDER UNDER CONSTRUC- CONSTRUC- TOTAL COMPLETED TION NOT STARTED TOTAL COMPLETED TION NOT STARTED 1995.......................... 667 238 223 205 374 123 199 52 1996.......................... 757 275 254 228 326 101 185 40 MONTHLY DATA 1996: JANUARY............... 54 19 17 18 370 122 196 51 FEBRUARY.............. 68 21 21 26 362 120 192 50 MARCH................. 70 22 23 24 362 120 189 53 APRIL................. 70 22 27 22 366 119 195 51 MAY................... 69 25 24 20 360 114 195 52 JUNE.................. 65 24 21 20 355 113 193 48 JULY.................. 66 27 21 18 351 111 191 49 AUGUST................ 73 26 27 20 342 106 192 44 SEPTEMBER............. 62 23 22 17 332 103 185 43 OCTOBER............... 56 21 19 15 332 103 186 43 NOVEMBER.............. 54 20 17 17 330 101 189 40 DECEMBER.............. 51 20 15 17 326 101 185 40 1997: JANUARY............... 61 22 20 19 309 97 174 38 FEBRUARY.............. 69 23 23 23 296 95 165 37 MARCH\r............... 81 25 29 27 284 91 158 35 APRIL\r............... 70 21 24 25 286 90 162 34 MAY\r................. 72 22 25 24 281 88 159 34 JUNE\p................ 74 21 30 23 282 85 159 38 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).............. 2 4 3 5 3 4 3 6 MONTHLY (PERCENT.............. 5 8 6 11 3 4 4 4 p Preliminary r Revised TABLE 4. HOUSES SOLD, BY SALES PRICE (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. PERCENTS COMPUTED FROM UNROUNDED FIGURES) NUMBER OF HOUSES/1 PERCENT DISTRIBUTION/2 MEDIAN AVERAGE PERIOD 80000 100000 120000 150000 200000 80000 100000 120000 150000 200000 SALES SALES UNDER TO TO TO TO AND UNDER TO TO TO TO AND PRICE PRICE TOTAL 80000 99999 119999 149999 199999 OVER 80000 99999 119999 149999 199999 OVER (DOLLARS) (DOLLARS) 1995................ 667 58 101 99 144 127 138 9 15 15 22 19 21 133,900 158,700 1996................ 757 59 104 101 159 160 175 8 14 13 21 21 23 140,000 166,400 MONTHLY DATA 1996: JANUARY..... 54 4 10 8 11 10 11 8 18 15 20 19 20 131,900 155,300 FEBRUARY.... 68 6 10 9 14 14 15 9 14 14 20 20 22 139,400 163,700 MARCH....... 70 6 10 9 15 14 15 8 14 13 22 20 22 137,000 162,100 APRIL....... 70 5 11 8 14 16 15 7 16 11 21 23 22 140,000 170,000 MAY......... 69 6 9 10 15 15 15 9 12 14 22 22 21 136,400 163,300 JUNE........ 65 5 8 9 14 14 15 8 13 14 22 22 22 140,000 166,500 JULY........ 66 4 8 9 14 15 15 7 12 14 22 23 23 144,200 168,400 AUGUST...... 73 6 11 11 15 15 16 8 14 15 21 20 21 137,000 159,700 SEPTEMBER... 62 7 9 8 13 10 16 11 15 12 20 17 26 139,000 167,400 OCTOBER..... 56 4 7 7 12 12 13 7 12 13 22 22 24 143,800 168,400 NOVEMBER.... 54 4 7 7 12 11 14 7 14 12 22 20 25 143,500 172,000 DECEMBER.... 51 4 7 6 10 11 13 7 13 13 20 22 26 144,900 171,800 1997: JANUARY..... 61 3 8 8 13 13 15 6 13 13 22 21 25 145,000 171,900 FEBRUARY.... 69 5 9 9 15 14 18 7 13 13 21 20 26 143,000 171,100 MARCH\r..... 81 7 9 12 15 19 20 8 11 14 18 23 25 148,000 172,700 APRIL\r..... 70 5 7 9 14 16 19 7 10 13 20 23 27 150,000 179,100 MAY\r....... 72 5 10 10 15 16 16 7 14 13 21 22 23 140,000 168,500 JUNE\p...... 74 4 9 10 18 13 19 5 13 14 25 18 26 142,900 176,400 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 7 5 6 5 5 5 7 5 6 5 5 5 2 2 MONTHLY (PERCENT.... 5 21 14 11 9 8 9 20 13 10 7 6 7 2 3 p Preliminary r Revised 1 Houses for which sales price was not reported have been distributed porportionally to those for which the price was reported. 2 Total equals 100 percent NOTE: The sales price includes the land. TABLE 5. CURRENT SEASONAL FACTORS MEDIAN MONTHS FROM NEW HOUSES SOLD START TO.. MONTH AND YEAR UNITED MONTHS STATES NEW SUPPLY AT IMPLICIT HOUSES CURRENT END OF FACTOR NORTHEAST MIDWEST SOUTH WEST FOR SALE SALES RATE SALE MONTH 1997: MARCH\r............... 117.5 97.3 121.9 119.4 120.2 98.8 81.9 103.2 110.0 APRIL\r............... 110.2 103.2 124.0 106.2 110.8 99.4 89.3 99.0 107.2 MAY\r................. 111.6 107.4 120.0 109.1 111.8 99.1 88.3 100.2 102.3 JUNE\p................ 108.1 114.0 113.1 106.6 105.3 100.0 91.2 90.7 96.0 p Preliminary r Revised TABLE 6. MEDIAN NUMBER OF MONTHS ON SALES MARKET (HOUSES NOT STARTED ARE EXCLUDED. MEDIANS ARE COMPUTED FROM UNROUNDED FIGURES) HOUSES FOR SALE HOUSES SOLD MEASURED MEASURED FROM MEASURED FROM FROM MONTH OF START MONTH OF START MONTH OF COMPLETION NOT NOT (NOT SEASONALLY SEASONALLY SEASONALLY SEASONALLY SEASONALLY ADJUSTED ADJUSTED ADJUSTED ADJUSTED ADJUSTED ANNUAL DATA 1995.......................... 4.3 (X) 5.3 (X) 5.5 1996.......................... 4.2 (X) 4.8 (X) 4.6 MONTHLY DATA 1996: JANUARY............... 4.7 4.1 5.5 5.2 5.7 FEBRUARY.............. 4.5 3.9 5.7 5.1 5.7 MARCH................. 4.4 4.2 5.8 5.3 5.5 APRIL................. 4.2 4.2 5.6 5.3 5.7 MAY................... 4.4 4.5 5.4 5.3 5.8 JUNE.................. 4.3 4.7 4.9 5.1 5.4 JULY.................. 4.2 4.4 4.5 4.9 4.9 AUGUST................ 3.4 3.6 4.4 4.8 5.0 SEPTEMBER............. 4.1 4.6 4.5 4.7 4.8 OCTOBER............... 4.0 4.4 4.5 4.7 4.4 NOVEMBER.............. 4.3 4.0 4.5 4.7 4.6 DECEMBER.............. 4.4 4.1 4.8 4.8 4.6 1997: JANUARY............... 4.8 4.2 5.1 4.9 4.9 FEBRUARY.............. 4.5 4.1 5.3 4.9 4.8 MARCH\r............... 3.9 3.8 5.4 4.9 4.8 APRIL\r............... 4.2 4.2 5.2 4.8 4.6 MAY\r................. 3.9 3.9 4.7 4.6 4.8 JUNE\p................ 3.0 3.3 4.4 4.6 4.7 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).............. 3 (X) 5 (X) 7 MONTHLY (PERCENT.............. 10 10 6 6 9 p Preliminary r Revised X Not applicable TABLE 7. HOUSES SOLD, BY SALES PRICE (COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. VALUE OF IMPROVED LOT INCLUDED IN SALES PRICE. PERCENTS COMPUTED FROM UNROUNDED FIGURES) 60000 70000 80000 90000 100000 120000 150000 200000 250000 PERIOD UNDER TO TO TO TO TO TO TO TO AND TOTAL 60000 69999 79999 89999 99999 119999 149999 199999 249999 OVER NUMBER OF HOUSES (THOUSANDS) ANNUAL DATA 1995.......................... 667 11 15 32 50 51 99 144 127 63 75 1996.......................... 757 11 15 33 47 57 101 159 160 79 96 QUARTERLY DATA 1995 1ST QUARTER................... 154 4 4 9 12 13 22 33 29 14 15 2ND QUARTER................... 185 3 4 8 13 13 30 40 35 18 22 3RD QUARTER................... 182 3 4 9 15 16 27 39 32 17 20 4TH QUARTER................... 145 2 3 7 11 10 20 32 30 14 17 1996 1ST QUARTER................... 191 3 4 10 13 16 27 40 38 20 22 2ND QUARTER................... 204 3 4 9 13 15 26 43 45 19 25 3RD QUARTER................... 201 3 4 9 14 14 28 42 40 22 24 4TH QUARTER................... 161 2 3 6 8 12 21 34 35 18 22 1997 1ST QUARTER\r................. 211 2 4 8 13 13 29 43 46 23 30 2ND QUARTER\p................. 216 3 3 8 13 13 29 48 45 23 31 AVERAGE RELATIVE STANDARD ERRORS ANNUAL...............(PERCENT) 2 11 9 7 7 6 6 5 5 6 6 QUARTERLY............(PERCENT) 3 25 28 15 13 10 6 5 5 6 8 See footnotes at end of table. TABLE 7. HOUSES SOLD, BY SALES PRICE--CONTINUED (COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. VALUE OF IMPROVED LOT INCLUDED IN SALES PRICE. PERCENTS COMPUTED FROM UNROUNDED FIGURES) 60000 70000 80000 90000 100000 120000 150000 200000 250000 PERIOD UNDER TO TO TO TO TO TO TO TO AND TOTAL 60000 69999 79999 89999 99999 119999 149999 199999 249999 OVER PERCENT DISTRIBUTION ANNUAL DATA 1995.......................... 100 2 2 5 7 8 15 22 19 9 11 1996.......................... 100 1 2 4 6 8 13 21 21 10 13 QUARTERLY DATA 1994 1ST QUARTER................... 100 2 4 6 8 9 14 20 19 8 10 2ND QUARTER................... 100 3 3 6 7 8 14 22 18 9 11 3RD QUARTER................... 100 4 2 5 8 9 14 20 19 8 10 4TH QUARTER................... 100 2 3 5 7 9 14 22 19 8 11 1995 1ST QUARTER................... 100 3 3 6 8 8 14 22 19 9 10 2ND QUARTER................... 100 1 2 4 7 7 16 22 19 10 12 3RD QUARTER................... 100 1 2 5 8 9 15 22 18 9 11 4TH QUARTER................... 100 1 2 5 7 7 14 22 20 9 12 1996 1ST QUARTER................... 100 1 2 5 7 9 14 21 20 10 11 2ND QUARTER................... 100 2 2 4 6 7 13 21 22 9 12 3RD QUARTER................... 100 2 2 4 7 7 14 21 20 11 12 4TH QUARTER................... 100 1 2 4 5 8 13 21 22 11 14 1997 1ST QUARTER\r................. 100 1 2 4 6 6 14 20 22 11 14 2ND QUARTER\p................. 100 1 1 4 6 6 13 22 21 11 14 p Preliminary r Revised X Not applicable TABLE 8. HOUSES SOLD, BY SALES PRICE WITHIN REGION (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. VALUE OF IMPROVED LOT INCLUDED IN SALES PRICE) NORTHEAST MIDWEST 80,000 120,000 150,000 200,000 80,000 120,000 150,000 200,000 PERIOD TOTAL UNDER TO TO TO AND TOTAL UNDER TO TO TO AND SOLD 80,000 119,999 149,999 199,999 OVER SOLD 80,000 119,999 149,999 199,999 OVER ANNUAL DATA 1995................ 55 2 8 9 13 23 125 6 41 27 25 26 1996................ 74 2 9 11 18 33 137 6 41 32 29 29 QUARTERLY DATA 1995 1ST QUARTER......... 13 (B) 2 3 3 5 28 2 9 7 6 5 2ND QUARTER......... 17 (B) 2 3 4 7 37 2 12 8 7 8 3RD QUARTER......... 12 (B) 2 2 2 6 33 2 12 7 6 7 4TH QUARTER......... 14 (B) 2 2 3 6 26 (B) 9 6 5 5 1996 1ST QUARTER......... 12 (B) 2 2 3 5 35 2 11 8 6 8 2ND QUARTER......... 18 (B) 2 2 4 9 39 2 11 10 9 8 3RD QUARTER......... 23 (B) 3 3 6 10 35 2 12 9 7 6 4TH QUARTER......... 17 (B) 2 2 4 9 27 (B) 7 6 6 6 1997 1ST QUARTER\r....... 23 (B) 2 3 5 12 32 2 9 6 8 7 2ND QUARTER\p....... 22 (B) 3 3 6 10 42 (B) 12 10 9 10 AVERAGE RELATIVE STANDARD ERRORS ANNUAL.....(PERCENT) 6 25 17 9 10 13 7 12 14 15 13 14 QUARTERLY..(PERCENT) 9 43 38 31 16 22 8 31 14 13 15 13 See footnotes at end of table. TABLE 8. HOUSES SOLD, BY SALES PRICE WITHIN REGION--CONTINUED (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. VALUE OF IMPROVED LOT INCLUDED IN SALES PRICE) SOUTH WEST 80,000 120,000 150,000 200,000 80,000 120,000 150,000 200,000 PERIOD TOTAL UNDER TO TO TO AND TOTAL UNDER TO TO TO AND SOLD 80,000 119,999 149,999 199,999 OVER SOLD 80,000 119,999 149,999 199,999 OVER ANNUAL DATA 1995................ 300 42 98 63 49 47 187 8 53 44 40 42 1996................ 337 44 108 69 61 55 209 6 46 47 51 59 QUARTERLY DATA 1995 1ST QUARTER......... 72 13 24 14 11 10 41 2 12 10 9 8 2ND QUARTER......... 76 11 25 17 12 12 55 2 17 12 12 13 3RD QUARTER......... 84 11 30 17 13 13 53 2 14 13 11 12 4TH QUARTER......... 65 8 20 14 13 10 40 2 11 10 9 9 1996 1ST QUARTER......... 87 12 29 16 17 14 58 2 14 14 13 15 2ND QUARTER......... 89 12 29 18 17 13 58 2 12 13 16 15 3RD QUARTER......... 89 14 29 19 14 14 53 (B) 12 12 13 16 4TH QUARTER......... 74 9 23 17 14 12 42 (B) 8 10 10 13 1997 1ST QUARTER\r....... 99 11 33 20 19 16 58 (B) 10 14 14 18 2ND QUARTER\p....... 93 11 29 21 17 15 58 (B) 11 14 13 19 AVERAGE RELATIVE STANDARD ERRORS ANNUAL.....(PERCENT) 3 6 7 9 9 7 3 16 9 7 7 6 QUARTERLY..(PERCENT) 4 19 8 8 7 8 3 37 14 8 7 9 p Preliminary r Revised B Withheld because estimate did not meet publication standards on the basis of sample size. TABLE 9. MEDIAN AND AVERAGE SALES PRICE OF HOUSES SOLD, BY REGION (DOLLARS) MEDIAN SALES PRICE AVERAGE SALES PRICE PERIOD UNITED NORTH- UNITED NORTH- STATES EAST MIDWEST SOUTH WEST STATES EAST MIDWEST SOUTH WEST ANNUAL DATA 1995................ 133,900 180,000 134,000 124,500 141,000 158,700 216,600 157,200 142,000 169,800 1996................ 140,000 186,000 138,000 126,200 153,900 166,400 226,100 158,900 144,200 186,200 QUARTERLY DATA 1995 1ST QUARTER......... 130,000 179,900 130,000 118,000 139,400 153,500 217,100 153,100 135,900 164,600 2ND QUARTER......... 133,900 179,900 136,000 124,500 140,000 158,900 209,400 160,500 140,500 169,300 3RD QUARTER......... 132,000 179,900 131,000 121,000 143,000 157,700 217,100 152,500 140,800 173,600 4TH QUARTER......... 138,000 183,500 135,000 127,000 143,000 160,900 217,500 160,000 144,200 169,500 1996 1ST QUARTER......... 137,000 179,000 135,200 125,500 148,200 161,100 217,500 160,200 143,800 177,200 2ND QUARTER......... 139,900 199,700 138,200 125,000 155,900 166,000 238,400 155,900 140,900 189,400 3RD QUARTER......... 140,000 181,000 134,900 123,900 154,800 164,000 211,600 153,500 141,000 187,900 4TH QUARTER......... 144,100 200,000 145,000 127,900 160,000 171,000 245,400 162,700 146,000 190,800 1997 1ST QUARTER\r....... 145,000 204,400 144,900 127,100 159,900 172,200 235,900 164,400 147,700 193,800 2ND QUARTER\p....... 144,700 189,000 144,900 129,000 159,000 174,600 240,000 169,800 146,700 197,200 AVERAGE RELATIVE STANDARD ERRORS ANNUAL.....(PERCENT) 2 7 4 2 2 2 7 4 3 3 QUARTERLY..(PERCENT) 2 1 4 1 3 2 11 4 2 4 p Preliminary r Revised TABLE 10. HOUSES SOLD, BY TYPE OF FINANCING (COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. PERCENTS COMPUTED FROM UNROUNDED FIGURES) NUMBER OF HOUSES (THOUSANDS) TYPE OF FINANCING/1 PERCENT DISTRIBUTION/1 PERIOD VA RURAL VA RURAL TOTAL FHA GUARAN- CONVEN- HOUS. FHA GUARAN- CONVEN- HOUS. SOLD INSURED TEED TIONAL/2 SERV. CASH TOTAL INSURED TEED TIONAL/2 SERV. CASH ANNUAL DATA 1995................ 667 79 50 490 9 39 100 12 7 73 1 6 1996................ 757 89 51 570 9 38 100 12 7 75 1 5 QUARTERLY DATA 1995 1ST QUARTER......... 154 19 12 112 2 9 100 12 8 73 2 6 2ND QUARTER......... 185 22 14 136 2 11 100 12 8 74 1 6 3RD QUARTER......... 182 21 14 134 3 11 100 11 8 74 2 6 4TH QUARTER......... 145 16 11 108 (B) 9 100 11 8 74 (B) 6 1996 1ST QUARTER......... 191 26 17 139 2 8 100 14 9 73 1 4 2ND QUARTER......... 204 23 14 154 3 10 100 12 7 75 1 5 3RD QUARTER......... 201 21 14 154 3 10 100 10 7 76 1 5 4TH QUARTER......... 161 19 8 124 (B) 9 100 12 5 77 (B) 5 1997 1ST QUARTER\r....... 211 26 15 159 (B) 11 100 12 7 75 (B) 5 2ND QUARTER\p....... 216 24 11 167 2 12 100 11 5 77 1 6 AVERAGE RELATIVE STANDARD ERRORS ANNUAL.....(PERCENT) 2 6 8 3 26 6 (X) 6 10 3 28 6 QUARTERLY..(PERCENT) 3 8 19 3 32 10 (X) 7 19 3 32 10 p Preliminary r Revised B Withheld because estimate did not meet publication standards on the basis of sample size. 1 Houses not reporting type of financing have been distributed proportionally to those reporting type of financing. 2 Includes houses reporting other types of financing. TABLE 11. MEDIAN AND AVERAGE SALES PRICE OF HOUSES SOLD, BY TYPE OF FINANCING (DOLLARS) MEDIAN SALES PRICE AVERAGE SALES PRICE TYPE OF FINANCING TYPE OF FINANCING PERIOD VA RURAL VA RURAL TOTAL FHA GUARAN- CONVEN- HOUS. TOTAL FHA GUARAN- CONVEN- HOUS. SOLD/1 INSURED TEED TIONAL/2 SERV. CASH SOLD/1 INSURED TEED TIONAL/2 SERV. CASH ANNUAL DATA 1995................ 133,900 95,900 107,000 148,500 71,000 127,000 158,700 100,700 112,800 173,800 75,700 154,900 1996................ 140,000 99,900 108,000 155,000 76,800 140,000 166,400 105,700 112,600 182,100 84,100 169,600 QUARTERLY DATA 1995 1ST QUARTER......... 130,000 96,900 102,000 145,000 56,000 120,500 153,500 100,700 111,600 169,300 59,000 143,700 2ND QUARTER......... 133,900 95,000 107,000 150,000 77,200 130,000 158,900 99,500 113,500 175,700 75,900 156,200 3RD QUARTER......... 132,000 93,900 107,500 145,000 75,500 124,600 157,700 99,600 112,900 172,100 84,200 151,900 4TH QUARTER......... 138,000 98,500 110,900 150,000 (S) 130,300 160,900 103,200 112,500 174,300 (S) 156,500 1996 1ST QUARTER......... 137,000 97,000 104,000 151,300 73,000 147,000 161,100 102,900 112,100 177,600 80,800 166,700 2ND QUARTER......... 139,900 100,000 113,900 153,900 80,600 130,000 166,000 105,600 115,800 180,400 86,200 180,000 3RD QUARTER......... 140,000 100,000 105,000 151,900 75,100 135,000 164,000 106,700 109,800 178,800 86,500 155,100 4TH QUARTER......... 144,100 104,700 108,600 155,800 (S) 146,400 171,000 108,800 113,900 183,700 (S) 172,900 1997 1ST QUARTER\r....... 145,000 100,000 115,000 162,700 81,900 138,000 172,200 104,600 116,700 189,800 91,300 170,300 2ND QUARTER\p....... 144,700 108,800 107,900 160,000 (S) 140,000 174,600 109,200 110,900 192,000 (S) 162,000 AVERAGE RELATIVE STANDARD ERRORS ANNUAL.....(PERCENT) 2 3 6 2 13 2 2 2 2 2 7 4 QUARTERLY..(PERCENT) 2 2 8 2 1 3 2 2 5 3 6 5 P Preliminary r Revised S Withheld because estimate did not meet publication standards on the basis of response rate, associated standard error, or a consistency review. Table 12. Chained Annual-Weighted Price Index (Fisher Ideal) of New One-Family Houses Sold, Including Value of Lot (1992=100.0.) Year Annual First Second Third Fourth quarter quarter quarter quarter Northeast Midwest South West 1979 59.5 56.2 59.2 60.1 62.6 47.1 64.4 63.6 59.6 1980 65.4 63.8 64.8 66.4 66.5 51.2 67.6 70.7 66.1 1981 70.3 69.3 70.2 70.3 71.3 56.0 72.3 76.3 70.1 1982 73.2 73.4 73.5 73.2 72.8 58.4 75.5 80.3 71.5 1983 75.3 74.6 74.8 76.0 75.8 61.7 75.0 82.6 73.8 1984 78.1 76.2 77.8 78.7 79.7 67.1 79.2 84.7 76.2 1985 80.1 79.9 79.8 79.6 81.2 73.6 78.5 86.6 77.2 1986 83.8 81.8 83.8 85.2 84.5 84.8 83.0 88.9 78.7 1987 88.7 86.8 88.3 89.8 90.1 96.8 88.6 91.8 82.6 1988 92.1 91.3 91.7 92.7 92.7 99.8 92.7 94.0 87.2 1989 95.8 94.5 96.4 96.3 95.9 102.1 94.8 97.0 92.9 1990 97.4 97.8 96.7 98.0 96.9 98.1 95.4 97.3 98.3 1991 98.6 97.2 99.3 100.0 97.8 96.2 97.8 98.9 99.2 1992 100.0 98.9 99.7 100.1 101.3 100.0 100.0 100.0 100.0 1993 104.5 101.9 105.3 105.9 104.8 98.0 107.0 104.7 103.8 1994 109.6 108.1 109.7 110.0 110.5 100.0 112.8 108.4 111.1 1995 112.5 111.2 112.4 112.8 113.7 103.0 116.5 111.7 113.2 1996 114.9 115.3 114.5 115.6 115.1 104.7 119.3 113.0 117.2 1997 117.1 119.0/p p Preliminary. r Revised. Table 12A. Fixed-Weighted Price Index (Laspeyres) of New One-Family Houses Sold, Including Value of Lot (1992=100.0.) Index based on kinds of houses sold in 1992 Year Annual First Second Third Fourth quarter quarter quarter quarter Northeast Midwest South West 1977 46.8 44.6 46.8 47.7 50.5 36.4 50.2 49.8 43.7 1978 53.7 51.3 53.2 55.4 57.1 39.8 57.6 55.4 52.2 1979 61.8 58.8 62.1 63.1 65.5 45.5 64.4 63.7 60.9 1980 68.1 66.7 67.7 69.4 69.8 50.0 67.4 71.2 68.2 1981 73.5 73.0 74.0 74.0 74.7 54.2 73.6 77.4 72.4 1982 75.2 76.4 76.0 75.3 74.7 56.2 75.8 79.8 73.3 1983 76.8 76.5 76.7 77.9 77.9 59.7 75.6 82.0 74.7 1984 79.9 78.6 80.3 81.1 81.9 64.8 80.1 84.7 77.4 1985 80.9 81.6 81.1 80.7 82.1 71.3 78.8 86.4 77.9 1986 84.1 82.7 84.7 86.0 85.2 81.8 83.2 89.0 79.9 1987 88.6 87.4 88.8 90.2 90.4 92.9 88.8 92.2 84.1 1988 91.9 91.7 92.1 93.1 93.0 95.2 92.8 94.3 88.6 1989 95.6 94.8 96.6 96.6 96.2 98.0 94.9 96.9 94.2 1990 97.4 98.2 97.2 98.6 97.5 96.0 95.7 97.2 98.8 1991 98.7 97.8 99.9 100.6 98.3 92.9 98.2 99.0 99.4 1992 100.0 99.3 100.1 100.3 101.0/r 100.0 100.0 100.0 100.0 1993 104.3 101.8 105.1 105.6 104.6 97.1/r 106.7/r 104.7/r 103.6/r 1994 109.3 108.0 109.6 109.9 110.2 98.4/r 112.0/r 108.5/r 110.9/r 1995 112.4 110.8 111.9 112.2 113.0 100.7/r 116.3/r 111.9/r 112.7/r 1996 114.6 114.6 113.8 115.0 114.6 104.1/r 118.6/r 112.6/r 116.8/r 1997 116.4 118.3/p p Preliminary r Revised. Table 13. Average Sales Price of Kinds of New One-Family Houses Sold in 1992 Compared With That of Houses Actually Sold (In dollars) Period Average sales price of kinds of houses sold in 1992 Average sales price (estimated from price index) of houses actually sold Price Period-to-period Price Period-to-period percent change\1 percent change ANNUAL DATA 1977 67,400 (X) 54,200 (X) 1978 77,400 14.8 62,500 15.3 1979 89,100 14.9 71,800 14.9 1980 98,100 10.3 76,400 6.4 1981 105,900 7.9 83,000 8.6 1982 108,400 2.4 83,900 1.1 1983 110,700 2.1 89,800 7.0 1984 115,100 4.1 97,600 8.7 1985 116,600 1.2 100,800 3.3 1986 121,200 3.9 111,900 11.0 1987 127,700 5.3 127,200 13.7 1988 132,400 3.8 138,300 8.7 1989 137,800 4.0 148,800 7.6 1990 140,400 1.9 149,800 0.7 1991 142,200 1.3 147,200 -1.7 1992 144,100 1.4 144,100 -2.1 1993 150,300 4.3 147,700 2.5 1994 157,500 4.7 154,500 4.6 1995 161,900 2.8 158,700 2.7 1996 165,100 2.0 166,400 4.9 QUARTERLY DATA 1977: First quarter 64,200 (X) 51,600 (X) Second quarter 67,400 5.0 54,300 5.2 Third quarter 68,700 1.9 54,000 -0.6 Fourth quarter 72,700 5.9 57,500 6.5 1978: First quarter 73,900 1.7 59,300 3.1 Second quarter 76,700 3.8 61,600 3.9 Third quarter 79,800 4.0 63,500 3.2 Fourth quarter 82,200 3.1 66,400 4.4 1979: First quarter 84,800 3.1 68,300 2.9 Second quarter 89,500 5.6 72,400 6.0 Third quarter 91,000 1.6 74,200 2.5 Fourth quarter 94,600 3.8 72,700 -2.0 1980: First quarter 96,200 1.8 73,600 1.2 Second quarter 97,600 1.5 74,400 1.1 Third quarter 100,100 2.5 77,500 4.2 Fourth quarter 100,600 0.5 80,000 3.2 1981: First quarter 105,200 4.5 80,900 1.1 Second quarter 106,600 1.3 84,300 4.2 Third quarter 106,700 0.1 83,800 -0.6 Fourth quarter 107,600 0.9 83,700 -0.1 1982: First quarter 110,000 2.2 81,200 -3.0 Second quarter 109,500 -0.4 85,700 5.5 Third quarter 108,600 -0.9 83,900 -2.1 Fourth quarter 107,700 -0.8 84,600 0.8 1983: First quarter 110,200 2.3 86,700 2.5 Second quarter 110,600 0.4 89,100 1.8 Third quarter 112,300 1.6 92,500 3.8 Fourth quarter 112,200 -0.1 90,800 -1.8 1984: First quarter 113,200 0.9 94,700 4.3 Second quarter 115,700 2.2 99,200 4.8 Third quarter 116,900 1.0 98,500 -0.7 Fourth quarter 118,000 0.9 97,800 -0.7 1985: First quarter 117,600 -0.4 98,500 0.7 Second quarter 116,900 -0.6 100,500 2.0 Third quarter 116,300 -0.5 100,500 0.0 Fourth quarter 118,300 1.7 103,800 3.3 1986: First quarter 119,100 0.7 106,300 2.3 Second quarter 122,100 2.5 112,300 5.4 Third quarter 123,900 1.4 114,400 2.1 Fourth quarter 122,700 -0.9 115,600 1.0 1987: First quarter 125,900 2.6 120,800 4.5 Second quarter 128,000 1.6 126,100 4.4 Third quarter 129,900 1.5 129,900 3.0 Fourth quarter 130,300 0.3 133,500 2.8 1988: First quarter 132,100 1.4 137,900 3.3 Second quarter 132,700 0.5 134,800 -2.2 Third quarter 134,100 1.0 141,500 5.0 Fourth quarter 134,000 -0.1 140,400 -0.8 1989: First quarter 136,700 2.0 144,300 2.8 Second quarter 139,100 1.8 146,800 1.7 Third quarter 139,200 0.0 150,200 2.3 Fourth quarter 138,600 -0.4 151,200 0.7 1990: First quarter 141,500 2.1 149,500 -1.1 Second quarter 140,100 -1.0 151,200 1.1 Third quarter 142,200 1.5 145,500 -3.8 Fourth quarter 140,500 -1.1 150,100 3.2 1991: First quarter 140,900 0.2 151,100 0.7 Second quarter 144,000 2.2 148,200 -1.9 Third quarter 145,000 0.7 145,400 -1.9 Fourth quarter 141,700 -2.3 144,400 -0.7 1992: First quarter 143,100 1.0 144,500 0.1 Second quarter 144,200 0.8 145,300 0.6 Third quarter 144,500 0.2 141,700 -2.5 Fourth quarter 145,600 0.8 147,200 3.9 1993: First quarter 146,800 0.8 144,700 -1.7 Second quarter 151,400 3.2 148,900 2.9 Third quarter 152,100 0.5 148,000 -0.6 Fourth quarter 150,800 -0.9 148,300 0.2 1994: First quarter 155,700 3.3 153,600 3.6 Second quarter 158,000 1.5 154,200 0.4 Third quarter 158,300 0.2 152,800 -0.9 Fourth quarter 158,800 0.3 156,100 2.2 1995: First quarter 159,600 0.5 153,500 -1.7 Second quarter 161,300 1.1 158,900 3.5 Third quarter 161,600 0.2 157,700 -0.8 Fourth quarter 162,800 0.7 160,900 2.0 1996: First quarter 165,200 1.5 161,100 0.1 Second quarter 164,000 -0.7 166,000 3.0 Third quarter 165,800 1.1 164,000 -1.2 Fourth quarter 165,100 -0.4 171,000 4.3 1997: First quarter 167,800 1.6 172,200/r 0.6/r Second quarter/p 170,400 1.6 174,600 1.4 p Preliminary. r Revised. X Not applicable. 1 Derived from unrounded figures. Source: Current Construction Reports, Series C25, New One-Family Houses Sold. C25 Reports are available from the U.S. Government Printing Office. Annual subscription: $35.00. Questions or comments regarding these data may be directed to Dale R. Jacobson, Residential Construction Branch, Manufacturing and Construction Division, Bureau of the Census. Telephone: (301) 457-4666.