NEW HOUSES SOLD IN SEPTEMBER 1996 Sales of new one-family houses in September 1996 were at a seasonally adjusted annual rate of 816,000, 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 virtually unchanged (+/-13 percent) from the revised August rate of 820,000, but 19 (+/-15) percent above the September 1995 rate of 684,000. The median sales price of new houses sold in September was $137,500; the mean sales price was $171,600. At the end of September the seasonally adjusted estimate of new houses for sale was 336,000. This represents a supply of 5.2 months at the current sales rate. Through September 1996 there were 599,000 houses sold compared with 522,000 houses sold during the same period last year. This is an increase of 15 (+/-3) percent. Data for October 1996 will be released on December 3, 1996 at 10:00 AM EST. EXPLANATORY NOTES These statistics are estimated from sample surveys. They are subject to sampling variability and errors of response and nonreporting. 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 the range contains zero, it is unclear 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 December 1995/January 1996 issue of CURRENT CONSTRUCTION REPORTS (C25) 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. On the average, preliminary monthly sales estimates 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. NEW ONE-FAMILY HOUSES SOLD: SEPTEMBER 1996 United North- Mid- Period States east west South West Seasonally adjusted annual rate 1995 - September 684 44 130 304 206 October 673 50 123 305 195 November 679 43 128 310 198 December 683 72 124 301 187 1996 - January 743 52 159 322 210 February 784 67 131 354 232 March 713 51 132 321 209 April 740 62 124 325 229 May 734 56 139 342 197 June(r) 733 73 134 324 201 July(r) 785 77 146 348 214 August(r) 820 70 179 360 211 SEPTEMBER(p) 816 99 151 341 225 AVG. RSE(%) 5 20 11 7 8 Not seasonally adjusted 1994 670 61 123 295 191 1995 667 55 125 300 187 AVG. RSE(%) 2 6 7 3 4 1995 First 9 months 522 43 99 232 148 1996 First 9 months 599 52 113 265 170 AVG. RSE(%) 2 6 6 4 3 1995 - September 54 4 10 24 17 1996 - June(r) 65 7 12 28 18 July(r) 66 7 12 29 18 August(r) 73 6 16 32 19 SEPTEMBER(p) 65 9 11 27 18 AVG. RSE(%) 5 20 11 7 8 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: SEPTEMBER 1996 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 1994 (X) (X) 340 55 63 140 82 (X) 1995 (X) (X) 374 62 69 158 86 (X) AVG. RSE(%) (X) (X) 3 10 6 4 6 (X) 1995 - September 350 6.4 354 60 64 151 78 6.5 October 360 6.6 361 62 66 153 79 6.7 November 368 6.7 371 64 69 156 82 8.0 December 372 6.6 374 62 69 158 86 8.4 1996 - January 370 6.2 370 61 66 158 85 6.9 February 355 5.1 362 58 66 157 81 5.3 March 368 6.3 362 59 66 159 79 5.2 April 369 6.1 366 59 67 163 77 5.2 May(r) 362 5.9 360 61 67 158 74 5.2 June(r) 356 6.0 355 59 66 156 74 5.5 July(r) 356 5.6 354 58 66 156 75 5.4 August(r) 349 5.2 350 59 64 154 73 4.8 SEPTEMBER(p) 336 5.2 338 54 65 148 72 5.2 AVG. RSE(%) 4 6 4 15 8 6 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: SEPTEMBER 1996 Period Median Average 1994 130,000 154,500 1995 133,900 158,700 AVG. RSE(%) 2 2 1995 - September 130,000 155,600 1996 - June(r) 140,000 166,500 July(r) 143,500 167,000 August(r) 136,500 158,400 SEPTEMBER(p) 137,500 171,600 AVG. RSE(%) 3 4 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). Source: 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 regarding these data may be directed to Dale R. Jacobson, Residential Construction Branch, telephone (301) 457-4703.