In February, new home sales fell 2.2% to an annualized pace of 308,000 units. This was the sixth decline out of the past seven months. New home sales had grown steadily through the summer months before falling again to levels even lower than this time last year. The sales pace in February was the lowest on record (past 47 years). The drop-off over the month was likely due in part to the continuing declining effect of the homebuyer tax credit coupled with greater competition from foreclosures and fire sales. Sales were also likely driven down due to the worse than normal weather through much of the country. From a year prior, sales were down 14.3%.
However, the median sales price rose 4.1%, following a large decline of 7.0% in January. Prices were up 5.2% from a year prior.
At the current sales pace, the months supply of inventory of homes for sale rose to 9.2 from 8.9. The ratio had been falling steadily through October; however this has moderated over the past three months as sales have declined. Before new home prices solidly form a bottom, it is likely that the inventory ratio will have to approach the historical average of around 4.5 months.
10.03.24 (Source:
Census Bureau)
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