by Mish Shedlock, Mish Talk:
New home sales for February declined two percent in February from revised lower January numbers.
Key New Home Sales Points
- New Home Sales Sales of new single‐family houses in February 2022 were at a seasonally adjusted annual rate of 772,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
TRUTH LIVES on at https://sgtreport.tv/
- This is 2.0 percent below the revised January rate of 788,000 and is 6.2 percent below the February 2021 estimate of 823,000.
- The median sales price of new houses sold in February 2022 was $400,600. The average sales price was $511,000.
- The seasonally‐adjusted estimate of new houses for sale at the end of February was 407,000. This represents a supply of 6.3 months at the current sales rate.
To put the annualized sales in perspective, the actual number of homes sold in February was 65,000.
New Home For Sale by Stage of Construction
Month’s Supply of New Homes For Sale
The supply of new homes for sales is calculated by dividing the total number of homes for sale over the number of homes sold in one month.
The supply is overstated. 105,000 homes have not been started and only 37,000 are completed.