February New-Home Sales Slog

New-home sales again slogged in February, with sales of new, single-family homes down 0.6 percent to 618,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $376,700, while the median was $326,800. New-home listing inventory was 305,000—5.9-months supply.

“New-home sales are at a steady level, which is consistent with our measures of solid builder confidence in the housing market,” said Randy Noel, chairman of the National Association of Home Builders (NAHB), in an NAHB Now update. “As housing demand grows, builders need to manage increasing costs for labor, lots and building materials to keep their homes competitively priced.”

“The recent upward revisions to the sales numbers reflect our forecast for a gradual strengthening of the single-family housing sector in 2018,” said Robert Dietz, chief economist for the NAHB. “Demographic tailwinds point to higher demand for single-family homes in the months ahead. Combined with solid job market data, we expect more consumers to enter the housing market this year.”

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