US new home sales rise more than expected in February
Sales of new US single-family homes rose more than expected in February, according to official data released on Thursday.
Figures from the Commerce Department showed new home sales were up 6.1% to 592,000 from the revised January rate of 558,000. Economists had been expecting a smaller increase to 564,000.
On the year, sales were up 12.8%.
Meanwhile, the median price of a new home was $296,200, down 3.9% on the month and 4.9% compared to a year ago.
Pantheon Macroeconomics said: “This looks great but sales were likely boosted by the much warmer-than-usual weather last month, which made visiting new home construction sites less miserable than usual in February.
“New home sales are captured at the point contracts are signed, often at temporary offices at new developments. The return of more normal temperatures in March might knock sales back a bit, but lagged mortgage applications data point to sales averaging about 600K over the next few months.”