US New Home Sales At 7-Month High

Sales of new single-family houses in the United States jumped 6.1 percent to a seasonally adjusted annual rate of 592,000 in February of 2017. It follows an upwardly revised 558,000 in the previous month, and well above market expectations of 565,000 as unusual warm weather boosted sales in the Midwest, West and the South. Meanwhile, sales of previously owned houses dropped 3.7 percent to 5480 thousand, down from a ten-year high of 5690 thousand in January.

Sales rose in the Midwest (30.9 percent to 89 thousand), the West (7.5 percent to 157 thousand) and the South (3.6 percent to 313 thousand) but slumped 21.4 percent to 33 thousand in the Northeast. 

The median sales price of new houses sold was $296,200, lower than $308,200 in the previous month. The average sales price was $390,400, above $355,300 in January.

The stock of new houses for sale went up to 261 thousand from 260 thousand in January. This represents a supply of 5.4 months at the current sales rate.

Year-on-year, new home sales rose 12.8 percent.

US New Home Sales At 7-Month High

US Census Bureau | Joana Taborda |
3/23/2017 2:19:42 PM