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New Home Sales Soar in Snow-bound Northeast
New home sales rose on a seasonally adjusted annual basis inrnFebruary, partially because of a near tripling of sales in the Northeast. Nationally sales of newly constructedrnsingle-family homes were up 7.8 percent from January to an annual rate ofrn539,000 units. January sales werernrevised upward from 481,000 units to 500,000. rnFebruary sales were 24.8 percent higher than a year earlier when theyrnwere estimated at 432,000.</p
On a non-adjusted basis there were an estimated 44,000 newrnhomes sold during the month compared to 37,000 in January and 35,000 inrnFebruary 2014. The homes sold werernalmost evenly divided across completed homes, homes under construction, andrnthose for which construction had not yet begun.</p
Despite record snowfalls in much of the region, new homernsales were up 152.9 percent in the Northeast (notably, there was a 111.2 percent margin of error), more than offsetting a 52 percentrndrop in January. The universe, however,rnwas actually quite small. Three thousand</bhomes sold during the month, up from 1,000 in January. The region's sales were also 87.0 percentrnhigher than a year earlier.</p
The median price of a newly constructed single-family homernsold during the month was $275,500 and the average price was $341,000. The median and average prices in Februaryrn2014 were $268,400 and $325,900 respectively. rnThirty-nine percent of homes sold during the month were in the $200-299,000rnprice range.</p
At the end of the reporting period there were an estimatedrn210,000 new homes available for sale, a 3.3 month supply at the current rate ofrnsales. More than half of those homes – 110,000 – were in the process ofrnconstruction.</p
Outside of the Northeast sales were mixed. In the Midwest, which has also had unusuallyrnsevere winter weather, new home sales were down 12.9 percent compared tornJanuary and 3.6 percent from a year earlier. rnThe South saw an increase in sales of 10.1 percent for the month andrn22.0 percent from February 2014. Salesrndipped 1.4 percent in the West on a month-over-month basis but were 12.9rnpercent higher than in the previous February.
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About the Author
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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