US new home sales for February 0.676M million versus 0.679 million estimate

• Prior month 0.657M revised prior to 0.664M
• New Home sales for February 0.676M vs 0.679M estimate
• New home sales Change MoM 1.8% vs -6.9% (revised from -10.5%) last month.

Details:

• Median sale price: $414,500, down -1.5% from Feb 2024 ($420,900)

• Homes for sale at end of February: 0.500 million units (vs Jan 0.496M)
• New home supply: 8.9 months at current pace (vs Jan 9.0 months)

• Regional breakdown was mixed:

  • Northeast: -21.4%

  • Midwest: +20.6%

  • South: +6.6%

  • West: -13.6%

Mortgage rates came down in February from above 7% to 6.74%

Recall that the existing home sales(which accounts for the vast majority of US home sales) released last week was better than expectations. In February 2025, U.S. existing home sales rose by 4.2% to an annual rate of 4.26 million units, surpassing expectations of 3.95 million ​Forexlive

The median existing-home sales price advanced 3.8% year-over-year to $398,400, marking the 19th consecutive month of price increases. Inventory levels remained steady at a 3.5-month supply, unchanged from the previous month. ​Forexlive

Despite the positive momentum, affordability challenges persist due to high home prices and elevated mortgage rates. The market continues to adapt to these conditions, with buyers and sellers adjusting to the current economic landscape. ​

This article was written by Greg Michalowski at www.forexlive.com.