Sales of new single-family homes increased 4.7% to a 337,000 seasonally adjusted annual rate in February, according to data released by the Commerce Department yesterday.
The February figure came after an upwardly revised 322,000 rate in January, a 13.2% drop, originally reported as a 10.2% decrease to 309,000. Thomson Reuters’ poll of economists had predicted a 300,000 sales level for February.
Sales of new homes were 41.1% below the 572,000 rate in February 2008, Commerce said. The supply of new homes at the current sales rate fell to 12.2 months from 12.9 months in January.
At the end of February, the number of new homes on the market decreased to 330,000 from 340,000.
The unadjusted average price of a new single-family home gained to $251,000 from $239,100. Meanwhile, the unadjusted median price fell to $200,900 from $206,800 in January.