New Home Sales Slip but Prices at Seven Month High

New home sales in February were down 1.6 percent from salesrnin January according to the U.S. Census Bureau and the Department of Housingrnand Urban Development.  Sales werernestimated at a seasonally adjusted annual rate of 313,000 in February down fromrn318,000 in January.  The January figures providedrntoday were revised from the 321,000 originally reported.  Despite the decrease, sales in February werernstill 11.4 percent above the rate in February 2011.</p

The median price of homes sold in February was $233,700 andrnthe average price was $267,700 the highest for both figures since June, 2011.  In January the median was $215,700 and thernaverage $261,900 and one year earlier those figures were $220,100 and $262,800.</p

There were an estimated 150,000 newly constructed homes forrnsale nationwide at the end of February, unchanged from January but down fromrn182,000 in February 2011.  The report estimatesrnthat this is a 5.8 month supply at the current pace of sales.  The inventory a year ago was estimated at 7.8rnmonths. Homes sold during February had been on the market for a median of 7.6rnmonth, compared to 7.3 months in January and 8.1 months in February 2011.</p

In the Northeast region sales were up 14.3 percent to anrnannual rate of 24,000 homes.  This isrn26.3 percent above the rate in February 2011. rnSales were also up in the West where the annual pace of 81,000 was 8rnpercent above the January figure and 32.8 percent higher than a yearrnearlier.  In the Midwest sales were at anrnannual pace of 40,000, down 2.4 percent month-over-month but up 29.0 percentrnyear-over-year.  In the South sales werernoff by 7.2 percent to 168,000 and were also down from a year earlier by 1.2rnpercent.</p

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