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New Home Sales Decreased 16.9% in February 2011




New Home Sales in February decreased 16.9% below the revised January rate of 301,000  and is 28% below the February 2010 estimate of 347,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000.

The median sales price of new houses sold in February 2011 was $202,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at the end of February was 186,000. This represents a supply of 8.9 months at the current sales rate.

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