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Census released their October New Residential Sales report today.
Sales of new single-family houses in October 2011 were at a seasonally adjusted annual rate of 307,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.3 percent (±19.7%) above the revised September rate of 303,000 and is 8.9 percent (±17.2%) above the October 2010 estimate of 282,000.
The median sales price of new houses sold in October 2011 was $212,300; the average sales price was $242,300. The seasonally adjusted estimate of new houses for sale at the end of October was 162,000. This represents a supply of 6.3 months at the current sales rate.
Two things I get out of this report:
1. No context
The chart and the ups and downs of the past 2 years seem wildly out of scale with the past.
2. No reliability of the data
Let’s take this sentence:
“This is 1.3 percent (±19.7%) above the revised September rate of 303,000 and is 8.9 percent (±17.2%) above the October 2010 estimate of 282,000.”
and translate it (bad grammar aside):
“October 2011 new home sales were anywhere from 18.4% less than last October to 21% more than last October. October 2011 new home sales were anywhere from 8.3% less than September 2011 to 26.1% more than September 2011.”
Conclusion
Not very useful or reliable but easy to make fun of.
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