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Sunday, July 21, 2019
HomeNewsEconomyNew Home Sales Surge 4.9 Percent in February to 667K, Beating Forecasts

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

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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.

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