New single-family homes sales decreased to a seasonally adjusted annual rate of 662,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The February reading was 0.3% below the revised January rate of 664,000 but is 5.9% above the February 2023 estimate of 625,000.
The drop in new home sales was driven by decreases in the Northeast (-31.5%) and the Midwest (-2.4%), while there were increases in the South (3.7%) and the West (2.3%).
The median sales price of new houses sold in February was $400,500, down 3.5% from January. The average sales price was $485,000, down 7.3% from the previous month.
At the end of February, the seasonally adjusted estimate of new houses for sale was 463,000 which represents a supply of 8.4 months at the current sales rate.
Read the Census/HUD release.
