Sales of newly built, single-family homes rose 2 percent in February to a seasonally adjusted annual rate of 512,000 units from January’s rate of 502,000, according to the U.S. Census Bureau.
"The February bounce back in sales is in line with our builders' reports that the housing market continues to recover at a slow but steady pace," said Ed Brady, chairman of the National Association of Home Builders, in a statement.
February’s rate is 6.1 percent below the rate of 545,000 reported in February 2015.
Regionally, new home sales increased 38.5 percent in the West. Sales fell 4.1 percent in the South, 17.9 percent in the Midwest and 24.2 percent in the Northeast.
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