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Tuesday, March 24, 2015

New Home Sales Increase to Highest Level Since 2008

Sales of new single-family houses in February were a seasonally adjusted annual rate of 539,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. This is the highest level since February 2008 when 593,000 new home sales were reported. The February rate is 7.8% above the upwardly revised January rate of 500,000, and 24.8% above the year-ago rate of 432,000.



New home sales in two of the four regions increased this month. Sales in the Northeast jumped 152.9% and the South rose 10.1%, whereas the Midwest decreased 12.9% and the West declined 6.0%.

The median sales price of new homes sold in February was $275,500, dropping 4.8% from January. The average price was $341,000, dipping 0.9% from January.

At the end of February, there were an estimated supply of 4.7 months at the current sales rate.

Read the Census report.

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