Photo: Teed Haze
February new home sales fell 1.6 per cent to 313k at an annualized rate.Economists were expecting 325k.
Even worse, January’s number of was revised down to 318k from a previous reading of 321k.
From the Census Bureau:
Sales of new single-family houses in February 2012 were at a seasonally adjusted annual rate of 313,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.6 per cent (±23.9%)* below the revised January rate of 318,000, but is 11.4 per cent (±17.8%)* above the February 2011 estimate of 281,000.
The median sales price of new houses sold in February 2012 was $233,700; the average sales price was $267,700. The seasonally adjusted estimate of new houses for sale at the end of February was 150,000. This represents a supply of 5.8 months at the current sales rate.