(Invests.com) – February sales of new single-family houses fell 3.3 percent from the January sales rate according to estimates released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).
In February, new single-family houses were sold at a seasonally adjusted rate of 440,000 units compared to a downwardly revised January rate of 455,000. The February sales rate was also 1.1 percent below February 2013.
February sales were at the lowest seasonally adjusted rate since last September.
Sales were down in all regions except for the Mid-west which was up 37 percent over January.
The median sales price of new houses sold in February 2014 was $261,800. The seasonally adjusted estimated inventory of new houses for sale at the end of February was 189,000, which represents a supply of 5.2 months at the current sales rate.
For purposes of this survey, a “sale” is defined as having occurred when a sales agreement is signed or a deposit taken. Thus a “sale” can occur even before a permit is issued, and not all “sales” as defined in this survey will proceed all the way to closing.