Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000, a 6.1% jump from January and 12.8% ahead of the pace of February last year, the Census Bureau and Department of Housing and Urban Development reported Thursday morning. Analysts polled by Bloomberg were expecting a more modest rate of 565,000.
The median sales price of new houses sold in February 2017 was $296,200, down from $308,200 in January and $311,300 a year earlier. The average sales price was $390,400, up from $355,300 in January and $349,400 in the same month last year.
The seasonally-adjusted estimate of new houses for sale at the end of February was 266,000. This represents a supply of 5.4 months at the current sales rate, down from 6.4 in January.
Regionally, sales in the Northeast fell 21.4% to a rate of 33,000 but remained 13.8% ahead of last Februrary’s pace. The Midwest shot up 30.9% to a rate of 89,000, 50.8% above the same month last year. The South was up 3.6% to 313,000, 7.9% above last year. The West rose 7.5% to a rate of 157,000, 6.8% higher than February, 2016.
