New home sales were down 4.6% in February from January but up 12.3% from a year ago. The drop in February was from an elevated January that was the highest since mid-2008. The inventory of unsold new homes remains very low by historic standards at 4.4 month’s supply.
Regionally, the Midwest was the only region with an increase, up 14% to an annual rate of 58,000. The Northeast was down 13% in a month with significant snow fall. The South was down 10% from January and down 6% from a year ago. The region did have more rainfall than usual during February and the 2013 average so far remains above the first three quarter averages in 2012. The West fell 2% but remains at levels last seen since early 2008.
Median sales prices rose 3% from last year because more of the homes sold were in the $400,000…
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