Posted March 24, 2020

New home sales dip 4.4 percent in February

Average selling price was $403,800.

March 24, 2020 - 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 2020:

New Home Sales

Sales of new single-family houses in February 2020 were at a seasonally adjusted annual rate of 765,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 percent (±14.8 percent)* below the revised January rate of 800,000, but is 14.3 percent (±17.5 percent)* above the February 2019 estimate of 669,000.

Sales Price

The median sales price of new houses sold in February 2020 was $345,900. The average sales price was $403,800.

For Sale Inventory and Months’ Supply

The seasonally-adjusted estimate of new houses for sale at the end of February was 319,000. This represents a supply of 5.0 months at the current sales rate. 

NAHB's take on the numbers

“Sales were on solid footing as we entered 2020, but this could be the high water mark for the next few months as consumers contend with the coronavirus outbreak,” said NAHB Chairman Dean Mon.

“The February numbers reflect the strong state of the market before coronavirus concerns set in,” said NAHB Chief Economist Robert Dietz. “Given the momentum in the housing market at the start of the year, we do expect sales and construction activity to weaken during the third quarter; but housing’s potential suggests it will be a sector that will help lead the economy during the eventual rebound once virus mitigation is complete.”

Sources: US. Census Bureau;