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Visit Steve Catsman - Managing Director of Telluride Real Estate Corp. Sales of new single-family homes in February 2005 were at a seasonally adjusted annual rate of 1.23 million, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is about 9.4 percent above the revised January rate of 1.12 million is about 5.2 percent above the February 2004 estimate of 1.17 million. The seasonally adjusted annual rate projects one month's sales total over a 12-month period. The median sales price of new houses sold in February 2005 was $230,700; the average sales price was $288,400. The seasonally adjusted estimate of new houses for sale at the end of February was 444,000, which represents a supply of 4.4 months at the current sales rate. The seasonally adjusted number of new houses sold and for sale increased about 15.5 percent in the South while dropping 6.8 percent in the Midwest, 3.5 percent in the Northeast and 1.7 percent in the West from February 2004 to February 2005, according to the announcement. New-home sales statistics are estimated from sample surveys. They are subject to sampling variability as well as non-sampling error including bias and variance from response, non-reporting, and under-coverage. Changes in seasonally adjusted statistics often show irregular movement. It takes six 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, according to the announcement. 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.
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