New single-family home sales rise two percent in February
Tight inventories constrict market activity.
Sales of new single-family houses in February 2016 improved slightly over January but continue to be constrained by a dearth of invnetory on the market and rising prices. Sales of new single-family houses in February were at a seasonally adjusted annual rate of 512,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 2.0 percent (±18.8%)* above the revised January rate of 502,000, but is 6.1 percent (±17.9%)* below the February 2015 estimate of 545,000.
The median sales price of new houses sold in February 2016 was $301,400; the average sales price was $348,900.
The seasonally adjusted estimate of new houses for sale at the end of February was 240,000. This represents a supply of 5.6 months at the current sales rate.