New-Home Sales Continue to Trend Relatively Flat in FebruaryMarch 26th, 2014 by Editor
Sales of newly built, single-family homes fell 3.3 percent to a seasonally adjusted annual rate of 440,000 units in February, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“We still expect 2014 will be a strong year for housing,” says NAHB chief economist David Crowe. “The first two-month average of 2014 is exactly in line with where 2013 left off. If not for the unusual weather, we would easily be ahead of last year’s pace. We also continue to see household formations and pent-up demand driving sales forward.”
Regionally, new-home sales activity fell 32.4 percent in the weather-battered Northeast, 1.5 percent in the South and 15.9 percent in the West. The Midwest posted a gain of 36.7 percent, stemming from an unusually low January figure.
The inventory of new homes rose to 189,000 units in February, a 5.2 month supply at the current sales pace.