New-home sales decline in February
Sales of newly built, single-family homes fell 2.2 percent in February to a seasonally adjusted annual rate of 308,000 units, according to the Commerce Department. While this figure marked a new record low for overall sales activity, only one region (the South) hit its own record low.
While nationwide home sales fell to a record low in February, a 20.8 percent gain was registered in the West, with the storm-battered Northeast, Midwest and South posting respective 20 percent, 18 percent and 4.6 percent declines.
The nationwide inventory of new homes on the market rose by a marginal 1.3 percent in February, to 236,000 units. Due to the slower sales pace, the month’s supply of new homes for sale rose from 8.9 in January to 9.2 in February.
Source: Real Trends