Economy
March 31, 2014
Key Economic Data
Written by Sandy Williams
New residential sales of single-family homes dropped in February to a seasonally adjusted annual rate of 440,000 according to estimates by the Commerce Department. Sales were 3.3 percent below the revised January rate of 455,000 and 1.1 percent below the February 2013 estimate of 445,000. Inventory was still tight at 189,000, a 5.2 month supply.
Existing home sales declined 0.4 percent to a seasonally adjusted annual rate of 4.60 million in February from 4.62 million in January, according to the National Association of Realtors. February’s pace of sales was the lowest since July 2012, when it stood at 4.59 million. The median existing-home price for all housing types in February was $189,000, an increase of 9.1 percent above February 2013. Housing inventory rose 6.4 percent to 2 million existing homes for sale, a 5.2 month supply at the current sales rate and an increase from 4.9 months in January.
