New Home Sales Still Falling, Prices and Inventory Up

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Posted To: MND NewsWire

There was much better news in February than in January regarding new home sales. Those sales had been reported down by 7.8 percent on top of a 9.3 percent decline in December. Sales pulled out of that nosedive last month, eking out an 0.6 percent increase from January. In addition, the January number was revised up from 593,000 to 622,000. The U.S. Census Bureau and the Department of Housing and Urban Development said February sales were at a seasonally adjusted annual rate of 618,000 units. The February numbers also served to pull sales ahead of those a year earlier by 0.5 percent. The estimated numbers were only slightly below the expectations expressed by analysts polled by Econoday. Their projections had ranged from 600,000 to 660,000 units with a consensus of 620,000. On a non-adjusted…(read more)

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