Sales of new homes in the U.S. moved up in February after a big downward revision to the prior month’s estimate.
The Census Bureau said Friday that purchases of new single-family homes rose 1.1 percent to a annualized pace of 640,000. The January figure was revised down from a preliminary estimate of 670,000 to 630,000.
Despite the rise, sales fell short of expectations. Economists were looking for 645000, according to Econoday.
Compared with a year ago, new home sales are down 19 percent.
The median sales price of new houses sold in February 2023 was $438,200. The average sales price was $498,700.
The months of supply of homes on the market decreased in February to 8.2 months from 8.3 months in January but remains elevated compared with normal levels.
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