New residential sales increase in February 2012
Posted on Friday, March 30, 2012 at 8:41:13 PM
The sales of new single-family houses in February 2012 were at a seasonally adjusted rate of 313,000, according to joint estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. This is a 1.6 percent increase below the revised January rate of 318,000. However, it is 11.4 percent above the February 2011 estimate of 281,000.
This increase in residential single-family home sales indicates a growing strength in the current housing market as it works to put itself right after the past few years. Consumers are experiencing increased confidence in the economy, and studies suggest feelings for the future are overall optimistic.
By purchasing one of these potential homes with the proper residential financing option, a consumer is not only making an investment for their future, but in the economy and housing market.
The current median sales price for a new house sold in February was $233,700, the average was $267,700. However, the seasonally adjusted estimate of houses for sale at the end of the month was 150,000, which represents a supply of 5.8 months at the current purchase rate.