New home sales at 640,000 annual rate in February versus 633,000 in prior month.
The numbers: A dip in mortgage rates propelled U.S. home buyers to purchase new homes, boosting sales. The strength in new home sales is due to the low number of options buyers have with previously owned homes.
New home sales rose 1.1% to an annual rate of 640,000 in February, from a revised 633,000 in the prior month, the Commerce Department reported Thursday. The number is seasonally adjusted. The supply of new homes for sale fell 1.2% between January and February, equating to an 8-month supply.The Midwest saw a drop in sales of 1.4%, while the Northeast registered a plunge of 40%.
Though mortgage rates are volatile, the bounce in new home sales looks strong for now. But if home builders were to find it harder to access credit, there may be a dip in starts in the future, and ultimately, sales.
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