Mar 24 2015 8014 1

Mar 24 2015 8014 1

New-home sales jump to 539,000 rate in February, highest in 7 years

 

By Jeffry Bartash

Published: Mar 24, 2015 10:00 a.m. ET

WASHINGTON (MarketWatch) - New U.S. homes sold at an annual rate of 539,000 in February to mark the best month of sales in seven years, the government reported Tuesday. The pace of sales for January was also revised up sharply to 500,000. It's the first time annualized sales have hit 500,000 or more for two straight months since early 2008, though demand is still far lower compared to the years prior to the Great Recession. Economists polled by MarketWatch had forecast sales to total a seasonally adjusted 455,000 last month. The median sales price climbed 2.6% to $275,500 in February from a year ago. All the homes now on the market would be sold in 4.7 months at the current sales pace, down from 5.7 months in January. That leaves the supply of new homes for sale at the lowest point since June 2013. Unless more homes are built soon, the lack of supply could force prices higher in the spring months when home buying is typically at a peak and potentially constrain sales. Builders have filed permits to increase construction, though they have been focusing more on condos and townhouses than single-family homes. The rise in new home sales in February is at odds with other reports on existing home sales and new construction that showed a decline last month owing to heavy snow in large swaths of the eastern United States.


Ralph and Karen Chiodo Headshot
Author:
Phone: 610-517-4117
Dated: March 24th 2015
Views: 698
About Ralph and Karen: THE CHIODO TEAM - Ralph Chiodo Broker / Owner 610-792-4800 x 111 K...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Successfully Navigating The Mortgage Process - Successfully Navigating the Mortgage
Oct 2 2016 16119 1 - What About Home Inspections on
REALTOR Code Of Ethics - Why not work with a PA Realtor®?On
Market Update September 12 2016 - >> Market Update QUOTE OF THE

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Philadelphia
460 S Lewis Rd Suite 109
Royersford, PA
215-372-8653


Other Locations