Skip to main content

February New Home Sales Drop 2% from January

Keith Griffin
Mar 23, 2022
Pending Home Sales

New home sale prices continue to show increases

Sales of new single‐family houses in February 2022 were at a seasonally adjusted annual rate of 772,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.0% below the revised January rate of 788,000 and is 6.2% below the February 2021 estimate of 823,000.

The average sales price was $511,000, which is up from January’s average of $494,000. A year ago the average stood at $407,500.

The median sales price of new houses sold in February 2022 was $400,600, according to the report. The median sales price in January was $427,400.

Those numbers present concerns about access to housing. “Affordability is a growing challenge as higher new-home prices and rising rates may be pricing out some buyers. One year ago, 31% of new home sales were priced below $300,000. In February 2022, only 18% of new home sales were priced below $300,000,” said First American Deputy Chief Economist Odeta Kushi.

There were wide regional disparities in data. The Northeast part of the country bucked the national housing sales trend with a 59.3% increase from January and a 12-month increase of 7.5%. Housing sales in the West were hardest hit with a 13% drop from January. The Midwest showed the largest year-over-year drop from February 2021 at 19.2%

The seasonally adjusted estimate of new houses for sale at the end of February was 407,000. This represents a supply of 6.3 months at the current sales rate, the report said.

Published
Mar 23, 2022
NAR: Pending Home Sales Fell For 5th Straight Month

Realtor.com expects sales in 2023 to be down overall as well.

Analysis and Data
Nov 30, 2022
What Recession? Revised 3Q GDP Rose 2.9%

The Bureau of Economic Analysis' original estimate was 2.6%.

Analysis and Data
Nov 30, 2022
Mortgage Applications Fell During Holiday Week

Third straight weekly decline in rates not enough to improve refi activity.

Analysis and Data
Nov 29, 2022
MBA Revises Originations Forecast Downward For 2023

Now predicts lenders will originate $1.98 trillion overall in mortgages in 2023, down 12% from 2022 and down 3.5% from its October forecast.

Analysis and Data
Nov 29, 2022
Home Price Growth Continued To Slow In 3Q

FHFA, S&P Case-Shiller indexes show slower monthly and annual growth in prices.

Analysis and Data
Nov 29, 2022
First American: Real House Prices Up Yet Again

The monthly RHPI report said potential sellers are unlikely to lose all the equity they have gained.

Analysis and Data
Nov 28, 2022