New Home Sales Crash 17% in February, but Much More Year Over Year
Sales: Sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000.
Month-over-Month Change: This is 16.9% (±19.1%) below the revised January rate of 301,000.
Year-over-Year Change: This is 28% (±14.8%) below the February 2010 estimate of 347,000.
Prices: The median sales price of new houses sold in February 2011 was $202,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at the end of February was $186,000.
Inventory: This represents a supply of 8.9 months at the current sales rate, up huge from 7.4 months.
Commentary: Every region excluding the West hit record lows. Northeast sales dropped 50% year-over-year.