New Houses Sold

{
  "id": "MLC-T-ECS-001265",
  "term": "New Houses Sold",
  "field": "Economic statistics",
  "definition": "A house is considered sold when either a sales contract has been signed or a deposit accepted. Included in these 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 foundations. Thus, the estimates include houses sold while under any stage of construction, even those sold before the building permit has been issued. The survey does not follow through to the completion (\"closing\") of the sales transaction, so even if the initial transaction is not finalized, the house is still considered sold.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/new-houses-sold/"
}