New Home Sales in February Higher Than Expected

Washington, DC, March 25, 2009--Sales of new one-family houses in February were at a seasonally adjusted annual rate of 337,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Economists were expecting a rate of 300,000.

This is 4.7 percent above the revised January rate of 322,000, but is 41.1 percent below year ago sales of 572,000
.
The median sales price of new houses sold in February was $200,900; the average sales price was $251,000.

The seasonally adjusted estimate of new houses for sale at the end of February was 330,000. This represents a supply of 12.2 months at the current sales rate.