by Bill McBride on 3/26/2007 09:33:00 AM
Monday, March 26, 2007
According to the Census Bureau report, New Home Sales in February were at a seasonally adjusted annual rate of 848 thousand. Sales for January were revised down to 882 thousand, from 937 thousand. Numbers for November and December were also revised down.
Click on Graph for larger image.
Sales of new one-family houses in February 2007 were at a seasonally adjusted annual rate of 848,000 ... This is 3.9 percent below the revised January rate of 882,000 and is 18.3 percent below the February 2006 estimate of 1,038,000.
The Not Seasonally Adjusted monthly rate was 71,000 New Homes sold. There were 88,000 New Homes sold in February 2006.
On a year over year NSA basis, February 2007 sales were 19.3% lower than February 2006. February '07 sales were the lowest since February 1997 (69,000).
The median and average sales prices were up. Caution should be used when analyzing monthly price changes since prices are heavily revised.
The median sales price of new houses sold in February 2007 was $250,000; the average sales price was $331,000.
The seasonally adjusted estimate of new houses for sale at the end of February was 546,000.
The 546,000 units of inventory is slightly below the levels of the last six months. Inventory numbers from the Census Bureau do not include cancellations - and cancellations are at record levels. Actual New Home inventories are much higher - some estimate about 20% higher.
This represents a supply of 8.1 months at the current sales rate.
More later today on New Home Sales.