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New and Existing Home Sales Increase in February

Posted in Industry News

New and Existing Home Sales Increase in February

According to a recent study released by the Census Bureau and HUD, builders signed contracts on more homes last month than any time since early 2008. February annual new home sales topped out at a 539,000 annual pace, up 7.8 percent from a healthy 500,000 rate in January. 

In percentage terms, sales increased the most in the Northeast due to prior weather-related declines. Inventories dropped slightly, but suggest optimism about construction growth for the year ahead.

Although reporting smaller gains, existing home sales shook off winter-related declines in February as well. As reported by the National Association of Realtors, sales increased 1.2 percent, and the share of sales for first-time buyers registered its first gain since last November.

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