New Home Sales Decline -18.2 % February but are up Year-Over-Year 8.2%

The U.S. Census Bureau reported that new residential single-family home sales for February 2021 were at a seasonally adjusted annual rate of 775,000, according to estimates. This is -18.2% below the revised January 2021 rate of 948,000 but is 8.2% above the February 2020 estimate of 716,000. The seasonally adjusted estimates of new houses for sales at the end of February was 312,000. This represents a 4.8 months’ supply based on the current rate of sales. The median sales price of new houses sold in February 2021 was $349,400. The average sales price was $416,000.

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