For release 10:00 AM EST, December 3, 1997 CB97-195 OCTOBER 1997 NEW HOUSING SALES AT ANNUAL RATE OF 797,000 Sales of new one-family houses in October 1997 were at a seasonally adjusted annual rate of 797,000, 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 2 (+/-9) percent below the revised September rate of 811,000, but 13 (+/-11) percent above the October 1996 rate of 706,000. The median sales price of new houses sold in October was $141,500; the mean sales price was $173,500. At the end of October the seasonally adjusted estimate of new houses for sale was 290,000. This represents a supply of 4.4 months at the current sales rate. Through October 1997 there were 691,000 houses sold compared with 652,000 houses sold during the same period last year. This is an increase of 6 (+/-3) percent. New Home Sales data for November 1997 will be released on January 7, 1998, at 10:00 AM 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 "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. 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 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. NEW ONE-FAMILY HOUSES SOLD: OCTOBER 1997 United North- Mid- Period States east west South West Seasonally adjusted annual rate 1996 - 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 825 96 128 365 236 April 765 87 132 336 209 May 764 86 138 341 200 June 802 70 157 359 216 July(r) 812 66 152 355 240 August(r) 791 74 134 367 216 September(r) 811 64 130 372 244 OCTOBER(p) 797 63 128 377 230 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 10 months 652 59 118 292 183 1997 First 10 months 691 69 118 313 191 AVG. RSE(%) 2 6 6 4 2 1996 - October 56 6 9 26 15 1997 - July(r) 69 6 13 30 21 August(r) 71 7 12 33 19 September(r) 66 6 10 30 20 OCTOBER(p) 62 5 10 29 17 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: OCTOBER 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 - 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 287 4.3 284 28 63 126 67 3.5 April 291 4.6 289 28 65 129 67 4.1 May 288 4.6 286 26 64 127 68 4.0 June 288 4.4 288 27 62 129 69 4.0 July(r) 288 4.4 289 28 63 130 68 4.2 August(r) 286 4.4 285 28 62 128 68 4.0 September(r) 287 4.3 287 27 64 128 68 4.4 OCTOBER(p) 290 4.4 293 28 66 129 70 4.7 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: OCTOBER 1997 Period Median Average 1995 133,900 158,700 1996 140,000 166,400 AVG. RSE(%) 2 2 1996 - October 143,800 168,400 1997 - July(r) 145,900 175,500 August(r) 143,900 168,600 September(r) 144,900 175,600 OCTOBER(p) 141,500 173,500 AVG. RSE(%) 2 3 Dollars. Includes value of improved lot. (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 following data will appear in the tables of the October 1997 Current Construction Report, Series C25, "New One-Family Houses Sold." TABLE 1. NEW HOUSES SOLD AND FOR SALE AND MONTHS SUPPLY AT CURRENT SALES RATE (IN THOUSANDS) NOT SEASONALLY ADJUSTED SOLD FOR SALE MONTHS SUPPLY AT CURRENT SALES RATE/1 ANNUAL DATA 1995................ 667 374 (X) 1996................ 757 326 (X) MONTHLY DATA 1996: JANUARY..... 54 370 6.9 FEBRUARY.... 68 362 5.3 MARCH....... 70 362 5.2 APRIL....... 70 366 5.2 MAY......... 69 360 5.2 JUNE........ 65 355 5.5 JULY........ 66 351 5.3 AUGUST...... 73 342 4.7 SEPTEMBER... 62 332 5.3 OCTOBER..... 56 332 6.0 NOVEMBER.... 54 330 6.1 DECEMBER.... 51 326 6.4 1997: JANUARY..... 61 309 5.1 FEBRUARY.... 69 296 4.3 MARCH....... 81 284 3.5 APRIL....... 70 289 4.1 MAY......... 71 286 4.0 JUNE........ 71 288 4.0 JULY\r...... 69 289 4.2 AUGUST\r.... 71 285 4.0 SEPTEMBER\r. 66 287 4.4 OCTOBER\p... 62 293 4.7 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 3 (X) MONTHLY (PERCENT.... 5 3 6 See footnotes at end of table. TABLE 1. NEW HOUSES SOLD AND FOR SALE AND MONTHS SUPPLY AT CURRENT SALES RATE - CONTINUED (IN THOUSANDS) SEASONALLY ADJUSTED SOLD/2 FOR SALE MONTHS SUPPLY AT CURRENT SALES RATE/1 MONTHLY DATA 1996: JANUARY..... 727 370 6.3 FEBRUARY.... 778 354 5.1 MARCH....... 711 367 6.2 APRIL....... 741 368 6.0 MAY......... 732 362 5.9 JUNE........ 732 355 5.9 JULY........ 782 352 5.6 AUGUST...... 814 343 5.2 SEPTEMBER... 768 331 5.3 OCTOBER..... 706 330 5.7 NOVEMBER.... 788 327 5.1 DECEMBER.... 794 322 5.0 1997: JANUARY..... 822 308 4.6 FEBRUARY.... 826 300 4.3 MARCH....... 825 287 4.3 APRIL....... 765 291 4.6 MAY......... 764 288 4.6 JUNE........ 802 288 4.4 JULY\r...... 812 288 4.4 AUGUST\r.... 791 286 4.4 SEPTEMBER\r. 811 287 4.3 OCTOBER\p... 797 290 4.4 AVERAGE RELATIVE STANDARD ERRORS MONTHLY (PERCENT)... 5 3 6 p Preliminary. r Revised. X Not applicable. 1 Ratio of houses sold to houses for sale. 2 Annual rate. TABLE 2. HOUSES SOLD AND FOR SALE, BY REGION (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) SOLD DURING PERIOD - NOT SEASONALLY ADJUSTED UNITED NORTH- MID- STATES EAST WEST SOUTH WEST 1995................ 667 55 125 300 187 1996................ 757 74 137 337 209 MONTHLY DATA 1996: JANUARY..... 54 3 10 24 17 FEBRUARY.... 68 5 11 31 21 MARCH....... 70 4 13 32 20 APRIL....... 70 6 13 30 21 MAY......... 69 5 14 32 19 JUNE........ 65 7 12 28 18 JULY........ 66 7 12 29 18 AUGUST...... 73 8 14 33 19 SEPTEMBER... 62 9 10 27 17 OCTOBER..... 56 6 9 26 15 NOVEMBER.... 54 6 9 25 14 DECEMBER.... 51 6 9 23 13 1997: JANUARY..... 61 7 9 29 15 FEBRUARY.... 69 9 10 33 18 MARCH....... 81 8 13 36 24 APRIL....... 70 8 14 30 19 MAY......... 71 8 13 31 18 JUNE........ 71 7 15 31 19 JULY\r...... 69 6 13 30 21 AUGUST\r.... 71 7 12 33 19 SEPTEMBER\r. 66 6 10 30 20 OCTOBER\p... 62 5 10 29 17 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 6 7 3 4 MONTHLY (PERCENT)... 5 14 12 7 7 See footnotes at end of table. TABLE 2. HOUSES SOLD AND FOR SALE, BY REGION - CONTINUED (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) SOLD DURING PERIOD - SEASONALLY ADJUSTED UNITED NORTH- MID- STATES EAST WEST SOUTH WEST MONTHLY DATA 1996: JANUARY..... 727 50 158 308 212 FEBRUARY.... 778 65 132 352 229 MARCH....... 711 51 131 322 206 APRIL....... 741 61 124 330 226 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.... 826 114 125 382 205 MARCH....... 825 96 128 365 236 APRIL....... 765 87 132 336 209 MAY......... 764 86 138 341 200 JUNE........ 802 70 157 359 216 JULY\r...... 812 66 152 355 240 AUGUST\r.... 791 74 134 367 216 SEPTEMBER\r. 811 64 130 372 244 OCTOBER\p... 797 63 128 377 230 AVERAGE RELATIVE STANDARD ERRORS MONTHLY (PERCENT)... 5 14 12 7 7 See footnotes at end of table. TABLE 2. HOUSES SOLD AND FOR SALE, BY REGION - CONTINUED (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) FOR SALE AT END OF PERIOD - NOT SEASONALLY ADJUSTED UNITED NORTH- MID- STATES EAST WEST SOUTH WEST 1995................ 374 62 69 158 86 1996................ 326 38 67 146 74 MONTHLY DATA 1996: JANUARY..... 370 61 66 158 85 FEBRUARY.... 362 58 66 157 81 MARCH....... 362 59 66 159 79 APRIL....... 366 59 67 163 77 MAY......... 360 61 67 158 74 JUNE........ 355 59 66 156 74 JULY........ 351 56 65 155 75 AUGUST...... 342 51 64 153 74 SEPTEMBER... 332 45 65 148 73 OCTOBER..... 332 42 68 147 76 NOVEMBER.... 330 41 69 147 73 DECEMBER.... 326 38 67 146 74 1997: JANUARY..... 309 34 65 137 73 FEBRUARY.... 296 30 63 132 71 MARCH....... 284 28 63 126 67 APRIL....... 289 28 65 129 67 MAY......... 286 26 64 127 68 JUNE........ 288 27 62 129 69 JULY\r...... 289 28 63 130 68 AUGUST\r.... 285 28 62 128 68 SEPTEMBER\r. 287 27 64 128 68 OCTOBER\p... 293 28 66 129 70 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 3 10 6 4 6 MONTHLY (PERCENT)... 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 UNDER CONSTRUC- TOTAL COMPLETED TION NOT STARTED 1995................. 667 238 223 205 1996................. 757 275 254 228 MONTHLY DATA 1996: JANUARY...... 54 19 17 18 FEBRUARY..... 68 21 21 26 MARCH........ 70 22 23 24 APRIL........ 70 22 27 22 MAY.......... 69 25 24 20 JUNE......... 65 24 21 20 JULY......... 66 27 21 18 AUGUST....... 73 26 27 20 SEPTEMBER.... 62 23 22 17 OCTOBER...... 56 21 19 15 NOVEMBER..... 54 20 17 17 DECEMBER..... 51 20 15 17 1997: JANUARY...... 61 22 20 19 FEBRUARY..... 69 23 23 23 MARCH........ 81 25 29 27 APRIL........ 70 21 24 26 MAY.......... 71 23 24 24 JUNE......... 71 19 30 22 JULY\r....... 69 20 26 22 AUGUST\r..... 71 19 28 24 SEPTEMBER\r.. 66 17 27 21 OCTOBER\p.... 62 19 25 18 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT)..... 2 4 3 5 MONTHLY (PERCENT..... 5 8 6 11 See footnotes at end of table. TABLE 3. HOUSES SOLD AND FOR SALE, BY STAGE OF CONSTRUCTION - CONTINUED (THOUSANDS OF HOUSES. COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING) FOR SALE AT END OF PERIOD UNDER CONSTRUC- TOTAL COMPLETED TION NOT STARTED 1995................. 374 123 199 52 1996................. 326 101 185 40 MONTHLY DATA 1996: JANUARY...... 370 122 196 51 FEBRUARY..... 362 120 192 50 MARCH........ 362 120 189 53 APRIL........ 366 119 195 51 MAY.......... 360 114 195 52 JUNE......... 355 113 193 48 JULY......... 351 111 191 49 AUGUST....... 342 106 192 44 SEPTEMBER.... 332 103 185 43 OCTOBER...... 332 103 186 43 NOVEMBER..... 330 101 189 40 DECEMBER..... 326 101 185 40 1997: JANUARY...... 309 97 174 38 FEBRUARY..... 296 95 165 37 MARCH........ 284 91 158 35 APRIL........ 289 91 165 33 MAY.......... 286 90 163 33 JUNE......... 288 89 163 36 JULY\r....... 289 88 165 36 AUGUST\r..... 285 87 163 35 SEPTEMBER\r.. 287 90 165 32 OCTOBER\p.... 293 92 165 36 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT)..... 3 4 3 6 MONTHLY (PERCENT..... 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.) NUMBER OF HOUSES/1 PERIOD 80000 100000 120000 150000 200000 UNDER TO TO TO TO AND TOTAL 80000 99999 119999 149999 199999 OVER 1995................ 667 58 101 99 144 127 138 1996................ 757 59 104 101 159 160 175 MONTHLY DATA 1996: JANUARY..... 54 4 10 8 11 10 11 FEBRUARY.... 68 6 10 9 14 14 15 MARCH....... 70 6 10 9 15 14 15 APRIL....... 70 5 11 8 14 16 15 MAY......... 69 6 9 10 15 15 15 JUNE........ 65 5 8 9 14 14 15 JULY........ 66 4 8 9 14 15 15 AUGUST...... 73 6 11 11 15 15 16 SEPTEMBER... 62 7 9 8 13 10 16 OCTOBER..... 56 4 7 7 12 12 13 NOVEMBER.... 54 4 7 7 12 11 14 DECEMBER.... 51 4 7 6 10 11 13 1997: JANUARY..... 61 3 8 8 13 13 15 FEBRUARY.... 69 5 9 9 15 14 18 MARCH....... 81 7 9 12 15 19 20 APRIL....... 70 5 7 9 14 16 19 MAY......... 71 4 9 9 15 15 17 JUNE........ 71 4 9 9 17 14 19 JULY\r...... 69 4 8 9 15 15 18 AUGUST\r.... 71 5 9 10 15 17 16 SEPTEMBER\r. 66 4 8 8 14 15 16 OCTOBER\p... 62 4 7 10 13 14 14 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 7 5 6 5 5 5 MONTHLY (PERCENT.... 5 21 14 11 9 8 9 See footnotes at end of table. TABLE 4. HOUSES SOLD BY SALES PRICE - CONTINUED (COMPONENTS MAY NOT ADD TO TOTAL BECAUSE OF ROUNDING. PERCENTS COMPUTED FROM UNROUNDED FIGURES) PERCENT DISTRIBUTION/2 PERIOD 80000 100000 120000 150000 200000 UNDER TO TO TO TO AND 80000 99999 119999 149999 199999 OVER 1995................ 9 15 15 22 19 21 1996................ 8 14 13 21 21 23 MONTHLY DATA 1996: JANUARY..... 8 18 15 20 19 20 FEBRUARY.... 9 14 14 20 20 22 MARCH....... 8 14 13 22 20 22 APRIL....... 7 16 11 21 23 22 MAY......... 9 12 14 22 22 21 JUNE........ 8 13 14 22 22 22 JULY........ 7 12 14 22 23 23 AUGUST...... 8 14 15 21 20 21 SEPTEMBER... 11 15 12 20 17 26 OCTOBER..... 7 12 13 22 22 24 NOVEMBER.... 7 14 12 22 20 25 DECEMBER.... 7 13 13 20 22 26 1997: JANUARY..... 6 13 13 22 21 25 FEBRUARY.... 7 13 13 21 20 26 MARCH....... 8 11 14 18 23 25 APRIL....... 7 10 13 20 23 28 MAY......... 6 13 13 22 22 24 JUNE........ 5 12 12 24 20 27 JULY\r...... 6 12 13 21 22 26 AUGUST\r.... 7 12 14 21 24 22 SEPTEMBER\r. 6 13 12 21 23 25 OCTOBER\p... 7 11 16 21 22 23 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 7 5 6 5 5 5 MONTHLY (PERCENT.... 20 13 10 7 6 7 See footnotes at end of table. TABLE 4. HOUSES SOLD BY SALES PRICE - CONTINUED (IN DOLLARS) MEDIAN AVERAGE PERIOD SALES SALES PRICE PRICE 1995................ 133,900 158,700 1996................ 140,000 166,400 MONTHLY DATA 1996: JANUARY..... 131,900 155,300 FEBRUARY.... 139,400 163,700 MARCH....... 137,000 162,100 APRIL....... 140,000 170,000 MAY......... 136,400 163,300 JUNE........ 140,000 166,500 JULY........ 144,200 168,400 AUGUST...... 137,000 159,700 SEPTEMBER... 139,000 167,400 OCTOBER..... 143,800 168,400 NOVEMBER.... 143,500 172,000 DECEMBER.... 144,900 171,800 1997: JANUARY..... 145,000 171,900 FEBRUARY.... 143,000 171,100 MARCH....... 148,000 172,700 APRIL....... 150,000 179,500 MAY......... 141,000 170,700 JUNE........ 145,000 179,400 JULY\r...... 145,900 175,500 AUGUST\r.... 143,900 168,600 SEPTEMBER\r. 144,900 175,600 OCTOBER\p... 141,500 173,500 AVERAGE RELATIVE STANDARD ERRORS ANNUAL (PERCENT).... 2 2 MONTHLY (PERCENT.... 2 3 p Preliminary. r Revised. 1 Houses for which sales price was not reported have been distributed proportionally to those for which sales price was reported. 2 Total equals 100 percent. Note: The sales price includes the price of the developed lot. TABLE 5. CURRENT SEASONAL FACTORS NEW HOUSES SOLD MONTH AND YEAR UNITED STATES IMPLICIT FACTOR NORTHEAST MIDWEST SOUTH WEST 1997: JULY\r......... 101.6 101.2 104.2 99.9 102.6 AUGUST\r....... 107.9 111.0 105.0 109.0 106.8 SEPTEMBER\r.... 97.7 115.0 89.3 96.9 98.8 OCTOBER\p...... 93.0 102.0 90.7 94.0 90.3 See footnotes at end of table. TABLE 5. CURRENT SEASONAL FACTORS - CONTINUED MEDIAN MONTHS FROM START TO.. MONTH AND YEAR MONTHS NEW SUPPLY AT HOUSES CURRENT END OF FOR SALE SALES RATE SALE MONTH 1997: JULY\r......... 100.2 95.7 92.3 92.7 AUGUST\r....... 99.5 90.4 90.7 92.3 SEPTEMBER\r.... 100.0 100.3 91.2 93.4 OCTOBER\p...... 101.1 107.3 94.5 94.3 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 SOLD HOUSES FOR SALE 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....... 3.9 3.8 5.4 4.9 4.8 APRIL....... 4.1 4.2 5.2 4.8 4.6 MAY......... 3.8 3.8 4.7 4.6 4.7 JUNE........ 2.7 2.9 4.4 4.6 4.6 JULY\r...... 3.4 3.7 4.3 4.6 4.6 AUGUST\r.... 3.1 3.4 4.4 4.8 4.2 SEPTEMBER\r. 3.2 3.5 4.4 4.7 4.2 OCTOBER\p... 3.8 4.0 4.4 4.6 4.1 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. Chain-Type 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 117.1 119.3 118.9/r p Preliminary. r Revised. Table 7A. Price Index 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 99.3 100.1 100.3 101.0 100.0 100.0 100.0 100.0 1993 104.3 101.8 105.1 105.6 104.6 97.1 106.7 104.7 103.6 1994 109.3 108.0 109.6 109.9 110.2 98.4 112.0 108.5 110.9 1995 112.4 110.8 111.9 112.2 113.0 100.7 116.3 111.9 112.7 1996 114.5 114.7 113.8 115.0 114.6 104.1 118.6 112.6 116.8 1997 116.4 118.6 118.2/r p Preliminary r Revised. Table 8. Average Sales Price of Kinds of New One-Family Houses Sold in 1992 Compared With That of Houses Actually Sold Based on the Laspeyres Price Index (Prices 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 Table 8. Average Sales Price of Kinds of New One-Family Houses Sold in 1992 Compared With That of Houses Actually Sold (In dollars) - continued 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 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 166,400 1.4 164,000 -1.2 Fourth quarter 165,100 -0.4 171,000 4.3 1997: First quarter 167,800 1.6 172,200 0.7 Second quarter 170,800 1.8 177,200 2.9 Third quarter 170,300/r -0.3/r 173,000 -2.4 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.