New home sales rise 6.1 percent in February
Average selling price is $390,400 as sales rate hits seven-month high.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for February 2017: ￼
New Home Sales
Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.1 percent (±17.3 percent)* above the revised January rate of 558,000 and is 12.8 percent (±18.0 percent)* above the February 2016 estimate of 525,000. February's sales rate was the highest level in seven months.
The median sales price of new houses sold in February 2017 was $296,200. The average sales price was $390,400.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of February was 266,000. This represents a supply of 5.4 months at the current sales rate.