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US new home sales slip 0.6% in February

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US new home sales slip 0.6% in February

Sales of new single-family houses in the U.S. edged down 0.6% to a seasonally adjusted annual rate of 618,000 in February following an upwardly revised rate of 622,000 in January, the Census Bureau and the Department of Housing and Urban Development said.

In annual terms, new home sales rose 0.5%, which is above the February 2017 estimate of 615,000.

The median sales price of new houses sold in February was $326,800, while the average sales price was $376,700.

An estimated 305,000 new houses were available for sale at the end of February on a seasonally adjusted basis, which represents a supply of 5.9 months at the current sales rate.