US New Home Sales Up 2%

Sales of new single-family houses in February of 2016 were at a seasonally adjusted annual rate of 512,000, up 2 percent from last month and compared to market expectations of a 3.2 percent rise. Sales rebounded from a downwardly revised 7 percent drop in January, as home sales in the West surged but fell in the remaining three regions.

Sales in the West rose 38.5 percent, rebounding from a 32.7 percent drop in January. In contrast, sales in the South declined 4.1 percent (+4.6 percent in January), those in the Midwest fell 17.9 percent (-4.3 percent in January) and sales in the Northeast slumped 24.2 percent (+17.8 percent in January). 

The median sales price of new houses sold in February increased to $301,400 from $283,900 in January while the average sales price went down to $348,900 from $363,400.

The stock of new houses for sale was 240,000 (236,000 in January). This represents a supply of 5.6 months at the current sales rate, the same as in January.

Year-on-year, new home sales shrank 6.1 percent in January.

US New Home Sales Up 2%

US Census Bureau | Joana Taborda |
3/23/2016 2:22:20 PM