Connect With PPD
Follow Us:
Economy

New Home Sales Surge 4.9 Percent in February to 667K, Beating Forecasts

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

New home sales surged 4.9% (±14.4%) in February at a seasonally adjusted annual rate of 667,000, easily beating the high end of the forecasts.

The consensus forecast for the jointly released new construction report was looking for an already strong 615,000, ranging from a low of 600,000 to a high of 635,000.

The U.S. Census Bureau and Department of Housing and Urban Development (HUD) previously reported January came in at a solid rate of 636,000, and this February is now 0.6% (±13.1%)* higher than the February 2018 estimate of 663,000.

The 3-month average for the volatile report now sits at a very favorable rate of 630,000, the strongest level since June last year.

The median sales price of new houses sold in February 2019 was $315,300. The average sales price was $379,600.

The seasonally‐adjusted estimate of new houses for sale at the end of February was 340,000. This represents a supply of 6.1 months at the current sales rate.

You Might Also Like

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.