New home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year’s levels, according to data released today. The Commerce Department said sales rose 4.7% in February to a seasonally adjusted annual rate of 337,000 from an upwardly revised January figure of 322,000. Even after the revision to January’s sales results, the month remained the worst on records dating back to 1963. Economists surveyed by Thomson Reuters had expected February sales to fall to a pace of 300,000 units. February’s sales were still down by more than 40% from the same month a year earlier. The median sales price fell to $209,000, a record 18% drop from the same month last year. The median price is the midpoint, where half sell for more and half for less.
National new home sales rise unexpectedly
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