New-home sales on soft slide

November 26, 2002

Feds survey finds pace steady at 1 million units


Inman News Features

Sales of new single-family houses in October were at a seasonally adjusted annual rate of 1.007 million units, two federal agencies said today. That figure was compared with a revised September rate of 1.054 million houses and an October 2001 estimate of 865,000 houses.

The estimates were released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The median sales price of new houses sold in October 2002 was $176,700 and the average sales price was $225,100. The seasonally adjusted estimate of the number of new houses on the market at the end of October was 335,000, a 4.1 months' supply at the current pace of sales.

These statistics are estimated from sample surveys of houses selected from building permits and are subject to sampling variability and such nonsampling errors as bias and variance from response, nonreporting and undercoverage, according to the agencies. Changes in seasonally adjusted statistics often show irregular movement, and it typical takes five months to establish a trend for new houses sold, also according to the agencies. A "sale" is defined as a deposit taken or sales agreement signed.

Copyright: Inman News Service


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.