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New Home Sales at 765,000 Annual Rate in February

New Home Sales
"Sales of new single-family houses in February 2020 were at a seasonally adjusted annual rate of 765,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 percent below the revised January rate of 800,000, but is 14.3 percent above the February 2019 estimate of 669,000."

Sales Price
The median sales price of new houses sold in February 2020 was $345,900. The average sales price was $403,800.

For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of February was 319,000. This represents a supply of 5.0 months at the current sales rate.

Sales for the previous three months were revised up, and sales in January were revised up to a new cycle high of 800,000 - the highest sales rate since May 2007.

New home sales were up 14.3% Year-over-year (YoY) in February.

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