New home sales down in February(Read article summary)
New residential home sales dropped 1.57 percent since January but rose 11.4 percent above the level seen in February of last year.
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for February showing a monthly decline with sales dropping 1.57% since January but rising 11.4% above the level seen in February 2011 and remaining at an historically low level of 313K SAAR units.
It's important to recognize that the inventory of new homes has now fallen to a new series low at 150K units, lowest level seen in in at least 47 years while the median number of months for sale increased to 7.6.
The monthly supply increased to 5.8 months while the median selling price increased 6.17% and the average selling price declined 5.11% from the year ago level.
The following chart show the extent of sales decline to date (click for full-larger version).