Industry News

New-home sales fall 18% in February

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The rate of new single-family home sales in February dropped to its lowest level since August 2000, falling about 18.3 percent compared to the same month last year and dropping 3.9 percent compared to January 2007, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. The median sales price dropped from $250,800 in February 2006 to $250,000 in February 2007 and increased 2.8 percent compared to January 2007, while the average price rose from $307,900 in February 2006 to $331,000 in February 2007 and rose 6.7 percent compared to January 2007. Sales of new single-family houses reached a seasonally adjusted annual rate of 848,000 in February, which ties the August 2000 rate. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The seasonally adjusted estimate of new houses for sale at the end of February was 546,000, which represents a supply of about 8.1 months at t...