New Home Sales Slow in February

New single-family home sales decreased to a seasonally adjusted annual rate of 618,000 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The February level was 0.6% below the upwardly revised January rate of 622,000 and 0.5% below the February 2017 estimate.

Sales declined in two of the four regions, led by the West, which fell 17.6%. The Midwest posted a decline of 3.7%, while the Northeast and South increased 19.4% and 9.0%, respectively.

The median price of a new home was $326,800, up 0.6% from January. The average price was $376,700.

At the end of February, the seasonally adjusted estimated supply at the current sales rate increased from 5.8 months to 5.9.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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