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Sales of New Homes Plunge in February03-26-07 | News

Sales of New Homes Plunge in February

WASHINGTON D.C. ?EUR??,,????'??+ Sales of new single-family homes in February were at a seasonally adjusted annual rate of 848,000 according to a report by the Commerce Department. 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 million.

The median sales price of new houses sold in February 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, which represents a supply of 8.1 months at the current sales rate.

By region of the country, sales were up 24.6 percent in the West, a rebound after a 25.8 percent plunge in January.

However, every other region showed weakness last month, led by a 26.8 percent drop in sales in the Northeast and a 20 percent decline in the Midwest, two areas which experienced a series of winter storm. Sales also fell in the South, dropping by seven percent.