New US Residential Single-Family Home Sales Down Slightly Month-Over-Month but Up Year-Over-Year in February

On Monday, the US Census Bureau and Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a seasonally adjusted annual rate (SAAR) of 662,000, according to estimates. This is 0.3% below the revised January rate of 664,000 but 5.9% above the February 2023 estimate of 625,000.

The median sales price of new houses sold in February was $400,500. The average sales price was $485,000.

The seasonally adjusted estimate of new houses for sale at the end of February was 463,000. This represents a supply of 8.4 months based on the current rate of sales.