Sales of new single-family homes ticked downward in February to a seasonally adjusted annual rate of 618,000, a decline of 0.6 percent from January’s revised estimate of 622,000.
It is the third straight month of a decline in sales.
February’s estimated rate remains 0.5 percent above February 2017’s projection of 615,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The average sale price for new homes in February was $376,700, with a median price of $326,800, an increase of 9.7 percent from a year ago.
At February’s current sales pace, it would take 5.9 months to purchase the estimated inventory of 305,000 new homes currently on the market.
Sales decreased 3.7 percent in the Midwest and 17.6 percent in the West in February, and rose 19.4 percent in the Northeast and 9 percent in the South.
