New Home Sales In Midwest Increase In February

New Home Sales In Midwest Outperform The National Market!New Home Sales

New home sales in the Midwest were at an adjusted annual rate of 58,000 homes in February, an increase of 13.7 percent from January’s rate of 51,000 homes, according to data released this morning by the Census Bureau.  The Midwest was the only region in February with an increase in new home sales from January and the Midwest and West region were the only two regions with an increase in new home sales from a year ago.

New home sale prices rose in February to $246,800 from $239,600 the month before, and homes sold had been on the market a median time of 5 months.  I would expect new home sales prices will remain stable and, most likely, rise as the inventory of new homes remains low with the supply in February coming in at a 4.4 months supply.

 

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