New Home Sales Increased in February

New single-family home sales rose to a seasonally adjusted annual rate of 592,000 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The February level was 6.1% above the revised January rate of 558,000 and 12.8% above the February 2016 level.

Sales rose in most regions, increasing 3.6% in the South, 30.9% in the Midwest, and 7.5% in the West. In contrast, sales in the Northeast fell 21.4%.

The median price of a new home was $296,200, down 3.9% from January. The average price was $390,400.

At the end of February there was an estimated supply of 5.4 months at the current sales rate, down from January.

Read the Census/HUD release.