- New home sales increased 4.9% m/m in February to a seasonally adjusted annual rate of 667,000 (Briefing.com consensus 618,000) from an upwardly revised 636,000 (from 607,000) in January. On a y/y basis, new home sales were up 0.6%.
- The median sales price declined 3.6% y/y to $315,300 while the average sales price increased 1.6% to $379,600.
- New home sales were up in most regions in February. Sales by region: Northeast (+4.9% m/m); Midwest (+28.3% m/m); South (+1.8% m/m); and West (0.0% m/m).
- Homes priced at $399,999 and less accounted for 71% of total homes sold in February versus 74% in January.
- The inventory of new homes for sale decreased to a 6.1-months' supply in February from 6.5-months' supply in January.
- The key takeaway from the report is that a recent decrease in prices appears to have invited more sales activity.
|Median Price Y/Y||-3.6%||-7.8%||-6.0%||-10.2%||2.8%|