MAY 1997 NEW HOUSING SALES AT ANNUAL RATE OF 825,000 Sales of new one-family houses in May 1997 were at a seasonally adjusted annual rate of 825,000, 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 7 (+/-9) percent above the revised April rate of 770,000, and 13 (+/-10) percent above the May 1996 rate of 732,000. The median sales price of new houses sold in May was $139,900; the mean sales price was $166,900. At the end of May the seasonally adjusted estimate of new houses for sale was 280,000. This represents a supply of 4.1 months at the current sales rate. Through May 1997 there were 361,000 houses sold compared with 330,000 houses sold during the same period last year. This is an increase of 9 (+/-4) percent. New Home Sales data for June 1997 will be released on July 30, 1997, at 10:00 AM EDT. 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 January 1997 issue of CURRENT CONSTRUCTION REPORTS, Series 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. The Bureau is in the process of changing its method of collecting data on new houses sold with the introduction of computerized collection. By July of this year we will complete the transition from paper and pencil data collection to the use of laptop computers. We anticipate data collection will be more timely and efficient than in the past During this transition we are continuing to closely monitor all operations. NEW ONE-FAMILY HOUSES SOLD: MAY 1997 United North- Mid- Period States east west South West Seasonally adjusted annual rate 1996 - May 732 57 138 341 196 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(r) 826 114 125 382 205 March(r) 838 101 132 371 234 April(r) 770 93 134 339 204 MAY(p) 825 107 166 357 195 AVG. RSE(%) 6 20 12 10 9 Not seasonally adjusted 1995 667 55 125 300 187 1996 757 74 137 337 209 AVG. RSE(%) 2 6 7 3 4 1996 First 5 months 330 23 61 149 98 1997 First 5 months 361 41 63 163 94 AVG. RSE(%) 2 7 6 4 3 1996 - May 69 5 14 32 19 1997 - February(r) 69 9 10 33 18 March(r) 82 8 13 37 23 April(r) 71 8 14 30 19 MAY(p) 78 9 17 33 18 AVG. RSE(%) 6 20 12 10 9 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: MAY 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) 4 15 8 5 5 (X) 1996 - May 362 5.9 360 61 67 158 74 5.2 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(r) 300 4.3 296 30 63 132 71 4.3 March(r) 287 4.2 283 28 63 126 66 3.4 April(r) 285 4.5 284 26 64 127 66 4.0 MAY(p) 280 4.1 278 23 63 124 69 3.6 AVG. RSE(%) 4 7 4 15 8 5 5 7 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: MAY 1997 Period Median Average 1995 133,900 158,700 1996 140,000 166,400 AVG. RSE(%) 2 2 1996 - May 136,400 163,300 1997 - February(r) 143,000 171,100 March(r) 145,000 172,500 April(r) 150,000 179,700 MAY(p) 139,900 166,900 AVG. RSE(%) 5 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: 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 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.