Market Updates
U.S. New Home Sales Eased in February
Brian Turner
25 Mar, 2024
New York City
Single-family house sales eased 0.3% from the previous month and rose 5.9% from a year ago in February to a seasonally adjusted rate of 662,000.
The median sale price of a new house was $400,500, and the average sale price was $485,000, according to the latest government statistics.
The median single-family home price in January was $414,900, and in 2023 it was $428,200 after peaking at $457,800 in 2022.
The average home price in January was $523,400, and in 2023 it was $513,000, after peaking at $540,000 in 2022.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the new residential statistics on Monday.
The seasonally adjusted estimate of new homes for sale at the end of February was 463,000, a supply of 8.4 months at the current sales rate.
Home price affordability and elevated mortgage rates have kept first-time home buyers away from the market, as mortgage rates have continued to advance over the last year.
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