New Home Sales Greatly Distorted in December. Standard Error Huge

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Posted To: MND NewsWire

The Census Bureau and Department of Housing and Urban Development have released New Residential Sales data for December 2010. 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. 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...(read more)

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Source: www.mortgagenewsdaily.com

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