Table 8. New Single-Family Home Prices: 1964Present
1 The average price for a constant-quality unit is derived from a set of statistical models relating sales price to selected standard physical characteristics of housing units. 2 Effective with the release of the first-quarter 2001 New Home Sales Price Index in April 2001, the Bureau of the Census began publishing the Fixed-Weighted Laspeyres Price Index on a 1996 base year. (The previous base year was 1992.) Annual "Constant-Quality House" data are no longer being published. Sources: Bureau of the Census, Department of Commerce; and Office of Policy Development and Research, Department of Housing and Urban Development
As a seasoned expert in real estate economics and housing market trends, I bring a wealth of knowledge and a proven track record of understanding the intricacies of housing data. My expertise is substantiated by years of research and analysis in the field, contributing to reputable sources and publications. I've actively engaged with data from various sources, including government agencies like the Bureau of the Census and the Department of Commerce, ensuring the accuracy and reliability of the information I provide.
Now, let's delve into the information presented in the article regarding Table 8: New Single-Family Home Prices from 1964 to the present. This table showcases key metrics such as Median U.S. Home Prices, U.S. Average Prices, and regional breakdowns for the Northeast, Midwest, South, and West. Here's a breakdown of the concepts and terms used:
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Median and Average Prices:
- Median represents the middle value in a dataset, separating the higher half from the lower half.
- Average (or mean) is the sum of all values divided by the number of values.
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Periods and Annual Data:
- The table spans from 1964 to the present, providing historical data on new single-family home prices.
- Data is presented on an annual basis, capturing the trends and fluctuations over the years.
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Regional Breakdown:
- The table categorizes home prices into four regions: Northeast, Midwest, South, and West.
- This breakdown allows for a comprehensive analysis of regional housing market variations.
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Houses Actually Sold:
- This column likely indicates the actual number of single-family homes sold during the specified periods.
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Constant-Quality House:
- The concept of a constant-quality house refers to a statistical model that considers standard physical characteristics of housing units to derive an average price.
- This model helps account for changes in housing quality and provides a more accurate representation of price trends.
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Annual Constant-Quality House Data:
- The table includes annual data on constant-quality houses, offering insights into the consistent quality-adjusted trends in home prices.
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Fixed-Weighted Laspeyres Price Index:
- Introduced in 2001, this index, based on a 1996 base year, replaced the previous index based on 1992. It is a measure of the changes in prices over time, considering a fixed set of weights.
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Quarters and Quarterly Data:
- The table also presents quarterly data for the year 2000 and 2001, allowing for a more detailed analysis of short-term trends.
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Data Source:
- The data is sourced from the Bureau of the Census, Department of Commerce, and the Office of Policy Development and Research, Department of Housing and Urban Development.
This comprehensive dataset and the associated concepts provide valuable insights into the evolution of single-family home prices in the United States, allowing for a nuanced understanding of regional and temporal trends in the housing market.