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New-Home Sales Steady During February

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New-Home Sales

New-Home Sales Steady During February

A small increase in mortgage rates during February led to a flat reading for new-home sales

March 25, 2024
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Image: Tim / stock.adobe.com

Even though the pace of new-home sales during February was up 5.9% from a year earlier, the National Association of Home Builders' Eye On Housing reports that the seasonally adjusted annual rate for newly built, single-family homes in February edged 0.3% lower to 662,000 units.

Looking at sales data regionally, new-home sales in February rose in the Northeast (up 47%), Midwest (up 29.7%), and West (up 41%), while the South saw new-home sales decline by 13.4%.

The median new home sale price in February was $400,500, edging down 3.5% from January, and down 7.6% compared to a year ago. The NAHB/Wells Fargo HMI reported that approximately one-quarter of builders reduced prices in March. Combined with slightly smaller home sizes, these factors are reflected in the year-over-year price decline.

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