Inventory Down, Prices up, Things are looking better - Surprised?

We've all been watching the headlines and listening to the news. There are signs that we are healing and tipping towards a 'Seller's market'; Heck - Multiple Offers are the norm ... I have attached information from the Census Bureau for June 2012 FOR IMMEDIATE RELEASE WEDNESDAY, JULY 18, 2012 AT 8:30 A.M. EDT NEW RESIDENTIAL CONSTRUCTION IN JUNE 2012 The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2012: BUILDING PERMITS Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 755,000. This is 3.7 percent (±1.0%) below the revised May rate of 784,000, but is 19.3 percent (±1.8%) above the June 2011 estimate of 633,000. Single-family authorizations in June were at a rate of 493,000; this is 0.6 percent (±0.8%)* above the revised May figure of 490,000. Authorizations of units in buildings with five units or more were at a rate of 241,000 in June. HOUSING STARTS Privately-owned housing starts in June were at a seasonally adjusted annual rate of 760,000. This is 6.9 percent (±13.3%)* above the revised May estimate of 711,000 and is 23.6 percent (±16.8%) above the June 2011 rate of 615,000. Single-family housing starts in June were at a rate of 539,000; this is 4.7 percent (±10.1%)* above the revised May figure of 515,000. The June rate for units in buildings with five units or more was 213,000. HOUSING COMPLETIONS Privately-owned housing completions in June were at a seasonally adjusted annual rate of 622,000. This is 2.6 percent (±12.5%)* above the revised May estimate of 606,000 and is 7.2 percent (±13.2%)* above the June 2011 rate of 580,000. Single-family housing completions in June were at a rate of 470,000; this is 1.3 percent (±9.8%)* above the revised May rate of 464,000. The June rate for units in buildings with five units or more was 134,000. New Residential Construction data for July 2012 will be released on Thursday, August 16, 2012, at 8:30 A.M. EDT. Our Internet site is: http://www.census.gov/newresconst EXPLANATORY NOTES In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 3 months to establish an underlying trend for building permit authorizations, 4 months for total starts, and 6 months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised about three percent or less. Explanations of confidence intervals and sampling variability can be found on our web site listed above. * 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero. http://www.census.gov/newresconst U.S. Census Bureau News Joint Release U.S. Department of Housing and Urban Development U.S. Department of Commerce Washington, D.C. 20233 Table 1. New Privately-Owned Housing Units Authorized in Permit-Issuing Places [Thousands of units. Detail may not add to total because of rounding] 2 to 4 5 units Total 1 unit units or more Total 1 unit Total 1 unit Total 1 unit Total 1 unit 2011: June 633 412 23 198 71 36 101 70 323 225 138 81 July 627 417 24 186 64 38 100 71 331 225 132 83 August 645 429 27 189 62 35 110 76 332 234 141 84 September 616 428 21 167 67 39 110 75 307 233 132 81 October 667 444 24 199 66 42 109 74 359 244 133 84 November 709 451 23 235 80 46 107 73 360 244 162 88 December 701 454 24 223 76 41 112 78 358 246 155 89 2012: January 684 452 20 212 78 37 101 75 377 245 128 95 February 707 478 25 204 82 46 119 79 361 260 145 93 March 769 466 22 281 81 44 130 84 371 241 187 97 April 723 475 22 226 88 45 114 76 359 248 162 106 May (r) 784 490 22 272 78 43 119 82 412 255 175 110 June (p) 755 493 21 241 78 43 118 81 379 257 180 112 Average RSE (%)1 1 1 6 1 3 3 2 2 1 1 1 2 Percent Change: June 2012 from May 2012 -3.7% 0.6% -4.5% -11.4% 0.0% 0.0% -0.8% -1.2% -8.0% 0.8% 2.9% 1.8% 90% Confidence Interval 3 ± 1.0 ± 0.8 ± 3.2 ± 3.0 ± 7.2 ± 10.2 ± 3.5 ± 4.1 ± 0.8 ± 1.0 ± 1.1 ± 1.4 June 2012 from June 2011 19.3% 19.7% -8.7% 21.7% 9.9% 19.4% 16.8% 15.7% 17.3% 14.2% 30.4% 38.3% 90% Confidence Interval 3 ± 1.8 ± 0.8 ± 8.5 ± 5.0 ± 9.9 ± 14.0 ± 4.0 ± 4.7 ± 1.6 ± 1.9 ± 3.0 ± 3.8 2010: 604.6 447.3 22.0 135.3 73.8 49.1 103.5 75.4 299.1 232.3 128.2 90.6 2011: 624.1 418.5 21.6 184.0 68.5 39.0 102.7 70.5 320.7 227.1 132.2 81.9 RSE (%) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) 2011: Year to Date2 294.6 208.5 9.3 76.8 33.0 18.9 45.7 33.3 152.9 113.9 63.0 42.4 2012: Year to Date2 380.3 249.4 10.8 120.0 38.6 21.1 55.9 40.1 200.1 134.3 85.6 53.9 RSE (%) 1 1 5 (Z) 3 3 2 1 1 (Z) 1 1 Year to Date Percent Change 4 29.1% 19.6% 16.1% 56.4% 17.0% 11.7% 22.4% 20.5% 30.9% 17.9% 35.8% 27.2% 90% Confidence Interval 3 ± 1.4 ± 1.2 ± 8.6 ± 2.2 ± 5.9 ± 8.0 ± 2.5 ± 3.0 ± 1.1 ± 1.3 ± 2.3 ± 2.9 2011: June 63.8 41.5 2.1 20.3 8.2 3.7 10.1 7.4 31.1 21.9 14.3 8.5 July 52.6 35.9 1.9 14.8 5.1 3.5 9.1 6.4 27.6 18.9 10.8 7.2 August 62.6 41.6 2.6 18.4 6.0 3.4 11.3 7.8 31.4 22.3 13.8 8.1 September 53.2 36.3 1.9 15.1 6.0 3.6 10.5 7.0 25.4 18.9 11.3 6.8 October 52.0 34.4 2.0 15.7 5.8 3.6 10.0 6.5 26.1 17.8 10.1 6.5 November 51.9 31.6 1.8 18.5 6.5 3.5 8.4 5.3 25.6 16.9 11.4 6.0 December 51.6 29.8 1.8 20.0 5.7 2.8 7.1 4.2 27.2 16.9 11.5 6.0 2012: January 46.3 29.9 1.3 15.1 4.8 2.2 5.0 3.3 28.4 18.3 8.2 6.1 February 51.9 35.1 1.7 15.2 5.5 2.7 6.5 4.6 28.9 21.1 11.1 6.8 March 67.4 42.2 2.0 23.2 5.8 3.6 10.3 7.3 34.3 22.5 17.0 8.9 April 62.5 43.9 1.8 16.8 7.6 4.0 10.6 7.8 30.5 22.4 13.7 9.6 May (r) 75.4 49.6 2.0 23.8 7.3 4.4 12.3 9.1 38.6 24.9 17.2 11.3 June (p) 73.3 47.8 2.1 23.5 8.2 4.1 11.4 8.2 35.2 24.1 18.5 11.3 Average RSE (%)1 1 1 6 1 3 3 2 2 1 1 1 2 (p) Preliminary. (r) Revised. RSE Relative standard error. S Does not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. X Not applicable. Z Relative standard error is less than 0.5 percent. 1Average RSE for the latest 6-month period. 2Reflects revisions not distributed to months. 3 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. 4 Computed using unrounded data. Seasonally adjusted annual rate Not seasonally adjusted Midwest South West Period In structures with -- United States Northeast Table 2. New Privately-Owned Housing Units Authorized, but Not Started, at End of Period [Thousands of units. Detail may not add to total because of rounding] 2 to 4 5 units Total 1 unit units or more Total 1 unit Total 1 unit Total 1 unit Total 1 unit 2011: June 84.7 45.5 1.7 37.5 11.7 6.2 5.7 4.5 42.4 23.5 24.9 11.2 July 80.7 43.4 1.9 35.5 8.3 5.8 6.2 4.2 43.2 23.6 23.1 9.8 August 87.4 45.5 2.5 39.4 8.7 5.9 7.8 5.9 46.2 23.6 24.8 10.1 September 79.9 45.0 3.5 31.4 8.9 5.8 7.9 5.9 41.6 23.8 21.5 9.5 October 75.3 42.8 3.0 29.5 8.0 5.6 7.0 4.9 39.9 22.8 20.3 9.4 November 73.8 43.6 3.1 27.1 6.8 4.9 8.9 6.9 39.8 22.4 18.3 9.4 December 78.1 42.3 2.4 33.3 7.8 4.9 6.2 3.9 43.3 23.3 20.9 10.3 2012: January 75.0 39.9 1.6 33.5 8.1 5.0 5.6 3.7 41.4 21.1 20.0 10.1 February 78.7 44.2 1.9 32.6 9.8 5.1 6.7 4.5 41.1 23.5 21.1 11.1 March 87.6 45.2 2.0 40.4 8.4 5.2 8.4 5.2 44.4 23.6 26.4 11.3 April (r) 80.6 44.2 2.0 34.5 8.8 5.1 7.2 5.3 39.9 22.8 24.8 11.1 May (r) 87.9 46.8 1.6 39.5 9.8 5.6 8.1 5.6 44.4 24.4 25.6 11.2 June (p) 88.0 44.8 1.7 41.5 9.6 5.0 8.8 4.8 45.4 23.5 24.1 11.5 Average RSE (%)1 5 6 20 7 17 21 12 14 7 8 12 16 Percent Change: 2 June 2012 from May 2012 0.2% -4.3% 12.3% 5.0% -1.4% -11.6% 8.5% -13.9% 2.4% -3.7% -5.7% 2.7% 90% Confidence Interval 3 ± 7.4 ± 6.5 ± 27.3 ± 12.5 ± 13.2 ± 14.4 ± 12.5 ± 13.2 ± 6.1 ± 7.7 ± 19.4 ± 13.0 June 2012 from June 2011 3.9% -1.5% 0.7% 10.6% -17.3% -20.5% 55.0% 7.6% 7.1% -0.1% -3.2% 2.6% 90% Confidence Interval 3 ± 8.0 ± 10.9 ± 34.2 ± 14.8 ± 23.9 ± 16.9 ± 27.3 ± 20.2 ± 11.7 ± 13.8 ± 15.1 ± 23.5 (p) Preliminary. (r) Revised. RSE Relative standard error. S Does not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 1Average RSE for the latest 6-month period. 2 Computed using unrounded data. 3 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. Note: These data represent the number of housing units authorized in all months up to and including the last day of the reporting period and not started as of that date without regard to the months of original permit issuance. Cancelled, abandoned, expired, and revoked permits are excluded. Period In structures with -- United States Northeast Not seasonally adjusted Midwest South West Table 3. New Privately-Owned Housing Units Started [Thousands of units. Detail may not add to total because of rounding] 2 to 4 5 units Total 1 unit units or more Total 1 unit Total 1 unit Total 1 unit Total 1 unit 2011: June 615 443 (S) 165 69 38 126 84 286 235 134 86 July 614 429 (S) 176 86 41 91 75 304 225 133 88 August 581 422 (S) 152 56 35 86 51 298 244 141 92 September 647 422 (S) 219 59 41 97 74 329 220 162 87 October 630 439 (S) 175 65 42 110 78 321 234 134 85 November 708 460 (S) 239 98 57 94 70 344 238 172 95 December 697 520 (S) 153 62 44 178 138 328 248 129 90 2012: January 720 511 (S) 193 74 44 106 82 403 290 137 95 February 718 470 (S) 240 66 50 99 87 419 253 134 80 March 706 481 (S) 215 87 45 116 88 354 249 149 99 April (r) 747 504 (S) 234 80 48 125 91 395 265 147 100 May (r) 711 515 (S) 182 63 43 109 87 379 276 160 109 June (p) 760 539 (S) 213 77 54 101 91 363 279 219 115 Average RSE (%)1 6 5 (X) 15 15 14 10 10 7 6 12 9 Percent Change: June 2012 from May 2012 6.9% 4.7% (S) 17.0% 22.2% 25.6% -7.3% 4.6% -4.2% 1.1% 36.9% 5.5% 90% Confidence Interval 2 ± 13.3 ± 10.1 (X) ± 45.6 ± 29.2 ± 44.1 ± 16.9 ± 19.4 ± 14.2 ± 15.0 ± 44.0 ± 17.0 June 2012 from June 2011 23.6% 21.7% (S) 29.1% 11.6% 42.1% -19.8% 8.3% 26.9% 18.7% 63.4% 33.7% 90% Confidence Interval 2 ± 16.8 ± 13.5 (X) ± 45.4 ± 31.9 ± 45.3 ± 11.8 ± 17.8 ± 19.2 ± 16.4 ± 57.9 ± 30.3 2010: 586.9 471.2 11.4 104.3 71.6 52.3 97.9 79.2 297.5 247.1 119.9 92.6 2011: 608.8 430.6 10.9 167.3 67.7 41.2 100.9 74.3 307.8 229.3 132.5 85.7 RSE (%) 1 1 14 3 4 4 2 3 2 2 2 2 2011: Year to Date 289.1 213.1 5.2 70.8 31.6 19.5 46.8 34.7 150.2 116.0 60.5 42.9 2012: Year to Date 365.6 257.7 5.2 102.8 36.5 23.3 52.4 42.0 195.2 139.5 81.5 52.9 RSE (%) 2 2 15 5 4 5 3 3 2 2 4 3 Year to Date Percent Change 3 26.5% 20.9% -0.6% 45.1% 15.3% 19.4% 12.1% 21.1% 30.0% 20.3% 34.7% 23.2% 90% Confidence Interval 2 ± 4.0 ± 3.3 ± 33.5 ± 15.9 ± 9.0 ± 11.9 ± 6.7 ± 5.9 ± 5.9 ± 4.6 ± 11.3 ± 7.2 2011: June 60.5 44.8 0.6 15.2 6.9 4.0 13.2 9.3 27.5 22.8 13.0 8.7 July 57.6 41.0 0.8 15.8 8.0 4.0 9.1 7.7 27.7 20.6 12.7 8.7 August 54.5 39.4 0.6 14.5 5.2 3.2 8.6 5.3 27.2 22.1 13.4 8.8 September 58.8 37.3 0.6 20.9 5.2 3.5 9.5 7.2 29.4 19.0 14.6 7.5 October 53.2 36.2 1.4 15.6 5.8 3.8 10.0 7.2 26.7 19.0 10.6 6.3 November 53.0 32.7 0.7 19.6 7.6 4.2 7.2 5.3 25.7 17.0 12.6 6.3 December 42.7 31.0 1.6 10.1 4.2 3.0 9.7 7.0 20.9 15.6 7.9 5.3 2012: January 47.2 33.1 1.1 13.0 4.6 2.6 5.3 3.7 28.4 20.7 9.0 6.1 February 49.7 32.2 0.6 16.9 3.8 2.7 5.0 4.1 31.1 19.5 9.8 5.9 March 58.0 40.2 0.8 17.1 7.0 3.7 8.4 6.1 30.2 21.8 12.4 8.5 April (r) 66.8 46.6 0.7 19.5 7.1 4.4 11.3 8.5 35.0 24.2 13.4 9.5 May (r) 68.3 50.2 1.3 16.9 6.2 4.3 11.6 9.6 34.6 25.1 15.8 11.1 June (p) 75.6 55.4 0.7 19.4 7.8 5.7 10.9 10.0 35.8 28.1 21.1 11.6 Average RSE (%)1 6 5 29 15 15 14 10 10 7 6 12 9 (p) Preliminary. (r) Revised. RSE Relative standard error. S Does not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. X Not applicable. 1Average RSE for the latest 6-month period. 2 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. 3 Computed using unrounded data. Period In structures with -- United States Northeast Seasonally adjusted annual rate Not seasonally adjusted Midwest South West Table 4. New Privately-Owned Housing Units Under Construction at End of Period [Thousands of units. Detail may not add to total because of rounding] 2 to 4 5 units Total 1 unit units or more Total 1 unit Total 1 unit Total 1 unit Total 1 unit 2011: June 418 246 (S) 162 93 35 67 46 170 114 88 51 July 418 243 (S) 165 95 35 66 46 166 110 91 52 August 413 239 (S) 164 94 33 62 44 166 111 91 51 September 418 238 (S) 171 91 34 63 44 169 110 95 50 October 423 237 (S) 176 88 34 65 44 172 109 98 50 November 432 236 (S) 186 92 35 65 43 174 109 101 49 December 434 236 (S) 188 91 35 68 46 174 107 101 48 2012: January 443 241 (S) 191 90 36 69 46 182 111 102 48 February 450 243 (S) 196 89 37 70 47 188 111 103 48 March 459 245 (S) 204 90 37 69 47 191 111 109 50 April (r) 464 247 (S) 207 89 37 70 47 197 113 108 50 May (r) 472 251 (S) 211 88 36 72 48 202 115 110 52 June (p) 482 256 (S) 216 88 36 71 48 206 118 117 54 Average RSE (%)1 2 3 (X) 4 6 8 6 7 4 4 4 8 Percent Change: June 2012 from May 2012 2.1% 2.0% (S) 2.4% 0.0% 0.0% -1.4% 0.0% 2.0% 2.6% 6.4% 3.8% 90% Confidence Interval 2 ± 1.7 ± 1.6 (X) ± 3.0 ± 3.1 ± 4.4 ± 2.5 ± 3.7 ± 2.3 ± 2.4 ± 5.1 ± 3.0 June 2012 from June 2011 15.3% 4.1% (S) 33.3% -5.4% 2.9% 6.0% 4.3% 21.2% 3.5% 33.0% 5.9% 90% Confidence Interval 2 ± 4.1 ± 4.3 (X) ± 10.2 ± 7.5 ± 7.2 ± 9.8 ± 13.0 ± 5.0 ± 5.6 ± 7.3 ± 5.5 2011: June 426.2 253.4 10.2 162.6 93.9 35.8 68.7 47.5 174.5 117.8 89.1 52.4 July 428.7 253.9 9.9 164.9 96.5 36.0 68.5 48.8 170.8 114.8 92.9 54.3 August 424.7 250.6 9.8 164.3 94.8 34.4 65.2 46.8 170.8 115.5 93.9 53.9 September 429.1 248.2 9.3 171.7 92.1 34.7 66.3 47.3 172.7 113.8 98.0 52.4 October 429.5 241.6 9.8 178.2 89.9 35.0 67.7 46.3 173.4 109.9 98.5 50.3 November 433.3 234.9 9.9 188.5 93.6 35.3 66.2 44.2 172.9 107.4 100.7 48.1 December 417.7 221.6 10.3 185.9 89.6 34.1 66.1 44.1 165.1 99.1 96.9 44.4 2012: January 426.8 227.7 10.4 188.7 87.7 34.6 66.1 43.4 174.0 104.2 99.0 45.4 February 435.1 230.2 10.5 194.4 86.1 34.9 65.3 42.6 182.6 106.4 101.0 46.2 March 449.3 236.5 10.2 202.6 88.7 35.5 64.8 43.3 189.4 109.6 106.4 48.0 April (r) 462.1 245.0 10.4 206.6 88.7 36.6 68.0 45.1 197.6 113.7 107.9 49.6 May (r) 475.3 254.1 10.3 210.9 87.9 36.3 71.2 47.3 205.0 117.7 111.1 52.8 June (p) 491.4 264.9 9.6 216.9 88.6 36.4 73.4 50.4 210.5 122.2 119.0 55.9 Average RSE (%)1 2 3 12 4 6 8 6 7 4 4 4 8 (p) Preliminary. (r) Revised. RSE Relative standard error. S Does not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. X Not applicable. 1Average RSE for the latest 6-month period. 2 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. Seasonally adjusted Not seasonally adjusted Midwest South West Period In structures with -- United States Northeast Table 5. New Privately-Owned Housing Units Completed [Thousands of units. Detail may not add to total because of rounding] 2 to 4 5 units Total 1 unit units or more Total 1 unit Total 1 unit Total 1 unit Total 1 unit 2011: June 580 454 (S) 110 84 49 113 75 283 246 100 84 July 634 483 (S) 142 66 48 116 79 351 273 101 83 August 617 478 (S) 135 65 50 123 80 294 242 135 106 September 600 424 (S) 166 97 32 91 67 299 235 113 90 October 578 445 (S) 126 89 36 94 82 284 238 111 89 November 583 455 (S) 123 51 42 95 76 313 233 124 104 December 606 460 (S) 137 79 39 105 78 297 245 125 98 2012: January 542 394 (S) 140 89 37 87 65 275 220 91 72 February 572 432 (S) 136 79 40 97 79 283 229 113 84 March 587 440 (S) 136 71 44 121 79 284 227 111 90 April (r) 663 490 (S) 170 80 44 106 90 325 246 152 110 May (r) 606 464 (S) 126 79 48 103 86 299 245 125 85 June (p) 622 470 (S) 134 71 53 107 71 321 253 123 93 Average RSE (%)1 6 6 (X) 16 19 17 11 13 9 9 12 12 Percent Change: June 2012 from May 2012 2.6% 1.3% (S) 6.3% -10.1% 10.4% 3.9% -17.4% 7.4% 3.3% -1.6% 9.4% 90% Confidence Interval 2 ± 12.5 ± 9.8 (X) ± 46.3 ± 45.7 ± 32.0 ± 27.3 ± 19.9 ± 15.5 ± 16.4 ± 27.6 ± 16.7 June 2012 from June 2011 7.2% 3.5% (S) 21.8% -15.5% 8.2% -5.3% -5.3% 13.4% 2.8% 23.0% 10.7% 90% Confidence Interval 2 ± 13.2 ± 12.3 (X) ± 44.0 ± 40.0 ± 38.6 ± 16.1 ± 25.6 ± 22.8 ± 18.1 ± 24.0 ± 22.7 2010: 651.7 496.3 8.9 146.5 80.4 54.0 106.9 81.9 316.7 257.6 147.7 102.8 2011: 584.9 446.6 8.4 129.9 72.5 44.0 103.0 75.9 295.5 235.6 113.9 91.2 RSE (%) 2 2 18 7 5 4 3 3 3 3 3 3 2011: Year to Date 258.9 199.0 4.5 55.3 31.4 20.8 45.0 33.0 132.3 105.3 50.2 39.9 2012: Year to Date 277.7 207.5 4.8 65.3 35.8 20.4 46.6 34.8 139.7 110.9 55.6 41.4 RSE (%) 3 3 22 7 8 8 5 5 4 4 5 5 Year to Date Percent Change 3 7.3% 4.3% 6.4% 18.1% 13.8% -2.0% 3.6% 5.5% 5.6% 5.3% 10.9% 3.7% 90% Confidence Interval 2 ± 6.8 ± 6.3 ± 45.4 ± 20.6 ± 19.9 ± 17.7 ± 10.8 ± 12.9 ± 10.2 ± 8.8 ± 10.6 ± 8.5 2011: June 50.5 39.7 1.4 9.4 7.5 4.5 9.6 6.3 24.6 21.4 8.8 7.4 July 53.6 40.2 0.8 12.6 5.8 4.2 9.7 6.4 29.6 22.7 8.5 6.9 August 57.3 42.1 0.5 14.7 6.3 4.6 11.8 7.1 26.9 21.1 12.4 9.3 September 54.7 38.4 0.9 15.3 8.9 2.9 8.6 6.4 26.5 20.6 10.7 8.6 October 52.1 41.3 0.5 10.3 7.7 3.4 9.0 8.0 25.6 21.9 9.8 8.0 November 50.1 40.7 0.4 9.0 4.7 4.1 8.8 7.5 26.0 20.1 10.5 9.1 December 58.3 44.8 0.8 12.6 7.8 4.0 10.0 7.6 28.6 23.8 11.9 9.4 2012: January 36.4 26.0 0.6 9.8 5.8 2.2 5.8 4.3 18.8 14.9 6.0 4.7 February 39.0 29.4 0.3 9.3 5.3 2.6 6.4 5.2 19.9 16.2 7.4 5.4 March 44.4 33.6 0.8 9.9 4.8 2.9 8.4 5.3 22.1 17.9 9.1 7.6 April (r) 52.3 37.6 0.3 14.5 6.1 3.0 8.3 6.9 26.1 19.4 11.9 8.3 May (r) 50.1 38.8 1.3 9.9 6.7 4.3 8.5 7.2 24.5 20.2 10.4 7.2 June (p) 55.5 42.0 1.6 11.9 7.0 5.5 9.2 6.0 28.4 22.3 10.9 8.3 Average RSE (%)1 6 6 43 16 19 17 11 13 9 9 12 12 (p) Prelminary. (r) Revised. RSE Relative standard error. S Does not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. X Not applicable. 1Average RSE for the latest 6-month period. 2 See the Explanatory Notes in the accompanying text for an explanation of 90% confidence intervals. 3 Computed using unrounded data. Seasonally adjusted annual rate Not seasonally adjusted Midwest South West Period In structures with -- United States Northeast As always ... Keep the faith! Roger A. Sulllivan ~ Roger@RogerASullivan.com ~ Roger@ShortSaleSully.com