David Saks: HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JULY

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JULY

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JULY

            Sales of new single-family houses in July 2013 were at a seasonally adjusted annual rate of 394,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development and the Census Bureau.  This is 13.4 percent (±14.5%)* below the revised June rate of 455,000, but is 6.8 percent (±18.6%)* above the July 2012 estimate of 369,000.

            The median sales price of new houses sold in July 2013 was $257,200; the average sales price was $322,700. The seasonally adjusted estimate of new houses for sale at the end of July was 171,000. This represents a supply of 5.2 months at the current sales rate.

            New Residential Sales data for August 2013 will be released on Wednesday, September 25, 2013, at 10:00 A.M. EDT.

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 at HUD.GOV .

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

Read more about today’s release of new home sales.  

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David Saks



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Comment balloon 2 commentsDavid Saks • August 23 2013 08:09PM

Comments

David, it would seem like we are on a sensible appreciation in prices.  Not a concern that we did not hit the previous month's numbers as things start to slow down in our area with school approaching in the second week of August.

Posted by Sharon & Bruce Walter, West Lafayette homes for sale (Keller Williams Realty Lafayette, IN) over 6 years ago

With interest rates climbing as fast as they have been I'm not sure that the recent appreciation spikes aren't premature, Sharon and Wayne. Nice to hear from you. Of course, the economics pundits will conjecture that the interest rate phenonmenon is directly tied to the psychology of restraining an unrealistic escalation in market value. We're fast approaching where we were in 2003 when the crash became apparent, but with caution. Many have forgotten that there's still skepticism, distrust in the secondary market, because of failed subprime; hence this nations banks still have less funding to work with. School supplies and tuitions rule this time of year, so that'll raise the debt to income ratio for borrowers, and make it harder to get approved. Have a great week ahead.

Posted by David Saks ((retired)) over 6 years ago

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