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New Residential Sales data provides statistics on the sales of new privately-owned single-family residential structures in the United States.
Data included in the press release are (1) the number of new single-family houses sold; (2) the number of new single-family houses for sale; and (3) the median and average sales prices of new homes sold. Excluded from these estimates are "HUD-code" manufactured (mobile) home units.
New residential sales estimates only include new single-family residential structures. Sales of multi-family units are excluded from these statistics.
To be included in the sales estimates the sales transaction must intend to include both the house and the land. All new houses are not included in our new residential sales estimates, only houses sold prior to being built or built for sale are included in these statistics. Excluded from these estimates are houses built for rent, houses built by the owner, and houses built by a general contractor on the owner's land.
New Houses Sold
A house is considered sold when either a sales contract has been signed or a deposit accepted. Included in our estimates are houses for which a sales contract is signed or deposit accepted before construction has actually started; for instance, houses sold from a model or from plans before any work has started on the footings or foundations. These estimates also include houses sold while under construction or after completion. This survey does not follow through to the completion ("closing") of the sales transaction, so even if the transaction is not finalized, the house is still considered sold.
New Houses For Sale
A house is considered for sale when a permit to build has been issued in permit-issuing places or work has begun on the footings or foundation in nonpermit areas and a sales contract has not been signed nor a deposit accepted.
The months' supply is the ratio of houses for sale to houses sold. This statistic provides an indication of the size of the for sale inventory in relation to the number of houses currently being sold. The months' supply indicates how long the current for sale inventory would last given the current sales rate if no additional new houses were built.
The sales price used in the survey is the price agreed upon between purchaser and seller at the time the first sales contract is signed or deposit made. It includes the price of the improved lot. The sales price does not reflect any subsequent price changes resulting from change orders or from any other factors affecting the price of the house. Furthermore, the sales price does not include the cost of any extras or options paid for in cash by the purchaser or otherwise not included in the original sales price reported.
The median sales price is the sales price of the house which falls on the middle point of the total number of houses sold. Half of the houses sold have a sales price less than the median and half have a greater price. A full write up of the methodology used for medians can be found here.
The average, or arithmetic mean, sales price is obtained by dividing the sum of all the sales prices reported by the number of houses reporting a sales price.
Median Months For Sale
The median number of months for sale is the median number of months from the month of completion to the current month. Houses sold prior to completion are excluded from the statistics for the median number of months for sale. A full write up of the methodology used for medians can be found here.
A housing unit, as defined for purposes of this report, is a house intended for occupancy as separate living quarters. Housing units, as distinguished from "HUD-code" manufactured (mobile) homes, include conventional ``site-built'' units, prefabricated, panelized, componentized, sectional, and modular units. Housing unit statistics in these tables exclude group quarters (such as rooming houses), transient accommodations (such as tourist courts), "HUD-code" manufactured (mobile) homes, moved or relocated units, and housing units created in an existing residential or nonresidential structure.
Attached and Detached Housing Units
The single-family statistics include fully detached, semidetached (semiattached, side-by-side), rowhouses, and townhouses. In the case of attached units, each must be separated from the adjacent unit by a ground-to-roof wall in order to be classified as a one-unit structure. Also, these units must not share heating/air-conditioning systems or interstructural public utilities, such as water supply, power supply, or sewage disposal lines. Units built one on top of another and those built side-by-side which do not have a ground-to-roof wall and/or have common facilities (i.e., attic, basement, heating plant, plumbing, etc.) are not included in these statistics.
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