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Saturday, March 30, 2013

New Home Sales Moderate in February

Following an outsized gain in January, new home sales fell 4.6 percent in February. On a trend basis, new home sales continue to improve, while inventories remain lean at 4.4 months’ supply.

Prices rebounded a bit in February with the median sales price rising to $246,800 as the composition of sales shifted. The median price of a new home is up 2.9 percent from a year ago. The pullback in February sales seems to be in line with slightly lower builder sentiment. The NAHB/Wells Fargo Home Builders Index reported lower sales activity in February and March, but builders are more optimistic about future sales.

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