New Home Sales Rose 6.1% in February

Washington, DC, March 23, 2017— Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000, 6.1% above the revised January 2017 estimate of 558,000, according to the U.S. Census Bureau.

This marks the strongest increase the market has seen in seven months.

The increase in demand was led by a 30.9% jump in the Midwest. Purchases also increased in the West and South.

In addition, the supply of homes fell to 5.4 months, from 5.6 months in January, and the median sales price of a new home fell 4.9% year over year to $296,200.