New home sales slide, even though the inventory of properties for sale has hit the highest level since 2008
The numbers: U.S. new-home sales decreased 2% to an annual rate of 772,000 in February, the government said Wednesday. That figure represents the number of homes that would be sold over a yearlong period of time if the same number of properties were bought each month based on the rate of sales in February.
Compared to a year earlier, sales were down more than 6%. Economists polled by MarketWatch expected new-home sales in February to drop to an annual rate of 805,000. The average sales prices for a new home sold in February was $511,000, while the median price was $400,600. Looking ahead: “With the median sales price of new homes up, and only roughly 1 in 10 new homes sold for less than $300,000 compared with 3 in 10 new homes in this price range last year, a new home is not an option for many first-time homebuyers even before the impact of higher mortgage rates is considered,” said Danielle Hale, chief economist at Realtor.com.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail investors just posted the longest streak of buying bank stocks since 2008, BofA saysAnalysts cited the 'surprising positive flow signal' as support for a broader thesis that investors should plow funds into banks and other financial players.
Read more »
Global bonds fall $2.6T — its worst since 2008 financial crisisThe global bond market is in the grip of its worst freefall since the 2008 financial crisis as central banks struggle to bring rampant inflation under control. Government and corporate debt has fal…
Read more »
US: New Home Sales fall by 2% in February compared to January's 8.4% declineNew Home Sales in the US fell to 772K in February from 810K the month prior, corresponding to a 2.0% MoM decline, after declining 8.4% a month earlier
Read more »
The New York Philharmonic heralds a groundbreaking new seasonReturning to the newly renovated and reimagined David Geffen Hall, the Philharmonic offers an ambitious mix of large-scale celebrations and unconventional, intimate experiences.
Read more »
Coronavirus: L.A. County reported 370 new cases and 29 new deaths, March 21Los Angeles County public health officials reported 370 new cases of the coronavirus, bringing the total number of cases to 2,825,423 as of Monday, March 21. Officials reported 29 more deaths linke…
Read more »
Montbello residents say new bike lanes are raising new safety concernsThe City of Denver recently installed new protected bike lanes along Andrews Drive in the Montbello neighborhood. But some say even though the bike lanes are meant to improve safety, the lane's design is creating the opposite effect. via MicahSmith_TV
Read more »