In February, New Residential Single Family Home Sales decreased 16.9% from January, with an annual sale rate of 250,000 new homes. This is a 28 0% drop from a year ago. In February 2010, new home sales were 347,000. January 2011 new home sales was revised to 301,000. February marks an all time record low.
These numbers are seasonally adjusted, but also with large error margins, yet the data is making it clear, housing has collapsed and is not some bump in the road. Blame the jobs crisis and the glut of foreclosures on and off the market.
The supply of new homes is now at 8.9 months of inventory, which is an increase of of 1.5 months from last month's inventory report. The number of new homes were for sale in February was 183,000.
Prices dropped as well, with the January median price being $202,100 and the average price was $246,000. This is a 13.9% plunge in median prices from last month.
January new home sales was revised to 10.6% drop from a 12.6% decrease initially reported.