The adjusted annual rate of new single-family home sales came in at 662,000 in February, marking a 0.3% decline before the prior month, according to the Census Bureau.
Sales of new U.S. single-family homes unexpectedly fell in February after mortgage rates increased during the month, but the underlying trend remained strong amid a chronic shortage of previously owned houses on the market. The report from the Commerce Department on Monday also showed the median new house price last month was the lowest in more than 2-1/2 years, while supply was the highest since November 2022.
Economists polled by Reuters had forecast new home sales, which account for 13.1% of U.S. home sales, would rise to a rate of 675,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis. Sales advanced 5.9% on a year-on-year basis in February.
survey from the National Association of Home Builders last week showed a measure of sales over the next six months rising to a nine-month high in March. A gauge of prospective buyers was the highest since last August. The median new house price in February was $400,500, the lowest since June 2021 and a 7.6% drop from a year ago. Economists welcomed the decline in the median new house price, which they said bode well for both affordability and inflation.
Houses under construction accounted for 58.7% of inventory. Homes yet to be built made 22.9% of supply, while completed houses accounted for 18.4%. "Rate incentives from builders are still able to ease the financial burden for buyers and have made new homes more appealing, but it's unknown for how long builders can continue to offer such incentives," said Daniel Vielhaber, an economist at Nationwide.
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