Keeping you up to date on the latest data releases.
- New Home Sales
Sales of new single-family homes fell 16.9 percent in February to a seasonally adjusted annual rate of 250,000, representing an all-time low since the series began in January 1963. On a year-over-year basis, sales of new single-family homes are down 28.0 percent, falling for the tenth consecutive month. Sales of new single-family homes were down in every region, with sales declining 57.1 percent, 27.5 percent, 6.3 percent and 14.7 percent in the Northeast, Midwest, South and West respectively. The median sales price plummeted 13.9 percent from January to 202,100 and is down 8.9 percent since February 2010. The number of single-family homes for sale at the end of January stood at 183,000, representing a 9.6 months’ supply at the current sales pace. While part of February’s poor performance could be attributed market distortions resulting from the expiration of the California tax credit in December and poor weather conditions that made home shopping difficult, the majority of February’s decline is likely attributed to continued weakness in the housing sector.