NEW HOUSES SOLD IN JUNE 1996 Sales of new one-family houses in June 1996 were at a seasonally adjusted annual rate of 734,000, according to estimates released today by the U.S. Department of Commerce's Bureau of the Census and the U.S. Department of Housing and Urban Development. This is 5 (+/-9) percent below the revised May rate of 775,000, but 1 (+/-10) percent above the June 1995 rate of 724,000. The median sales price of new houses sold in June 1996 was $140,000; the mean sales price was $163,300. At the end of June, the seasonally adjusted estimate of new houses for sale was 359,000. This represents a supply of 5.9 months at the current sales rate. Through June 1996 there were 403,000 houses sold compared with 339,000 houses sold during the same period last year. This is an increase of 19 (+/-4) percent. New Home Sales data for July 1996 will be released on August 29, 1996 at 10:00 A.M. EDT. PRICE INDEX The price index of new one-family houses sold was 114.1 (1992=100) for the second quarter of 1996, down 0.5 (+/-2.6) percent from the first quarter 1996 index of 114.6. The second quarter 1995 index was 111.9. Price Index data for the third quarter 1996 will be released on October 30, 1996 at 10:00 A.M. EST. 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 (+/-3) percent above" appears in the text, this indicates the range (from -1 percent to +5 percent) in which the actual percent change is likely to have occured. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range contains zero, it is uncertain whether there was an increase or decrease; that is, the change is not statistically significant. The December 1995/January 1996 issue of CURRENT CONSTRUCTION REPORTS, C25/96-1, includes explanations of confidence intervals and sampling variability. On average, the preliminary seasonally adjusted estimate of total sales is 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. TABLE 1. NEW ONE-FAMILY HOUSES SOLD: JUNE 1996 (Number of houses in thousands) United North- Mid- Period States east west South West Seasonally adjusted annual rate 1995 - June 724 75 136 297 216 July 782 54 141 381 207 August 707 51 138 313 205 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(r) 713 51 132 321 209 April(r) 766 66 128 334 237 May(r) 775 64 147 357 207 JUNE(p) 734 81 104 340 210 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 6 months 339 30 66 148 95 1996 First 6 months 403 32 72 181 118 AVG. RSE(%) 2 7 6 3 3 1995 - June 64 7 12 26 19 1996 - March(r) 70 4 13 32 20 April(r) 72 6 14 31 22 May(r) 74 6 15 33 20 JUNE(p) 66 8 9 30 18 AVG. RSE(%) 5 20 11 7 8 (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). TABLE 2. NEW ONE-FAMILY HOUSES FOR SALE AT END OF PERIOD AND MONTHS SUPPLY AT CURRENT SALES RATE: JUNE 1996 (Number of houses in thousands) 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 - June 347 5.9 349 57 62 151 78 5.4 July 344 5.6 343 58 63 145 77 5.3 August 349 6.0 350 59 64 149 78 5.5 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(r) 368 6.3 362 59 66 159 79 5.2 April(r) 368 5.9 364 59 66 162 77 5.0 May(r) 363 5.6 361 61 66 159 75 4.9 JUNE(p) 359 5.9 359 58 68 159 74 5.4 AVG. RSE(%) 4 6 4 15 8 6 6 6 (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). TABLE 3. MEDIAN AND MEAN SALES PRICE: JUNE 1996 (Dollars. Includes value of improved lot.) Period Median Mean 1994 130,000 154,500 1995 133,900 158,700 AVG. RSE(%) 2 2 1995 - June 133,700 160,200 1996 - March(r) 137,000 162,100 April(r) 140,000 169,800 May(r) 136,400 162,700 JUNE(p) 140,000 163,300 AVG. RSE(%) 3 4 (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: $16.00. Questions regarding these data may be directed to Dale R. Jacobson, Construction Starts Branch, telephone (301) 457-4666.