New Home Sales Rose in February

New single family home sales rose to a seasonally adjusted annual rate of 512,000 in February, according to the U.S. Census Bureau. The February rate is 2.0 percent above the revised January rate of 502,000, but 6.1 percent below the year-ago rate of 545,000.

Sales were mixed across regions, rising 38.5 percent in the West, but falling 24.2 percent in the Northeast, 17.9 percent in the Midwest, and 4.1 percent in the South.

The median price of a new home was $301,400, up from $283,900 in January. The average price was $348,900, down from $363,400 in the previous month.

At the end of February, there was an estimated supply of 5.6 months at the current sales rate, unchanged from January’s reading.

Read the Census/HUD release.