While January’s data showed that new single-family home sales started the year out slowly, a press release by the US Census Bureau and the Department of Housing and Urban Development indicated that new home sales bounced back in February. On a seasonally adjusted basis, February’s new home sales increased by 7.8% compared to January and were 24.8% higher than the same time last year.
The average sales price for a new single-family home in February was $341,000, down from $344,100 in January. February’s median sales price was $275,500, which was also down from January’s $289,400 median sales price.
New home inventory declined on a month-over-month basis. At the end of February, the estimated number of new homes for sale declined to 210,000 units, representing a 4.7 month supply. To read the full press release, visit http://1.usa.gov/1OxsIkW.