The U.S. Commerce Department reported on Thursday that the sales of new
single-family homes jumped 1.1 percent m-o-m to a seasonally adjusted annual
rate of 640,000 units in February. That was the
highest reading since August 2022 (646,000).
Economists had expected the sales pace of 650,000 last month.
The January sales’ pace was revised down to 633,000 units from the
initially reported 670,000 units.
According to the report, new home sales in the South, the largest area, climbed
3.0 percent m-o-m in February. In addition, new home sales in the West surged
8.1 percent m-o-m. These gains, however, were partly offset by a 40.0 percent
m-o-m plunge in new home sales in the Northeast and a 1.4 percent m-o-m fall in
the Midwest.
In y-o-y terms, new home sales plummeted 19.0 percent in February.
The report also showed that the median sales price increased by 2.5
percent y-o-y to $438,200, while the average sales price declined by 4.5
percent y-o-y to $498,700.