New-home sales rise in February to an 11-month high
The numbers: New-home sales ran at a seasonally adjusted annual 667,000 pace in February, the Commerce Department said Friday. That was 4.9% higher than January’s rate, but just 0.6% above year-ago levels.
At the current sales rate, it would take 6.1 months to exhaust the available supply of homes. Over many decades, 6 months of supply has been the amount that’s generally considered a sign of a market evenly balanced between supply and demand. The government’s home-construction reports are based on small samples, and are often revised heavily, making it hard to rely on any one month’s data for a complete picture of the housing market. For the year to date, sales were 2.8% higher than during the same period last year.Big picture: Since the housing crisis of a decade ago, it’s been hard for home builders to get back into a groove.
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