New Home Sales Fall

New Homes, Eric Miller PhotoFrom Housingwire, the Dallas Morning News and other sources, learns that a recent report from the Commerce Department shows sales of new homes took another tumble. New home sales were down 1.6 percent in February. If you’re a cup is half full kind of person, you might also note that they rose 11.6 percent from the same period a year earlier. According to Housingwire, the Commerce Department estimated an adjusted annual supply of 150,000 homes on the market in February, an inventory of 5.8 months per the current sales rate. That inventory rate is up 1.8 percent monthly but down drastically, 25.6 percent, from 2011. The Dallas Morning News notes that the median sales price for new homes surged in February more than 8 percent, to $233,700 and could suggest builders are anticipating more sales in the months to come. Regionally, new-home sales increased 14.3 percent in the Northeast and 8.0 percent in the West, but declined 2.4 percent in the Midwest and 7.2 percent in the South in February. Meanwhile, the inventory of new homes for sale held unchanged at a record low of 150,000 units in February. This is a 5.8-month supply at the current sales pace.

(Image Credit: Eric Miller)

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