New home sales for February dipped 29.8% to a seasonally adjusted annualized rate of 590,000 units, the lowest rate since 1995, according to the Census Bureau. Through the first two months of the year, just 92,000 new homes have been sold, 30.8% below 2007's pace.
Median sales price for a new home in February was $244,100, up 8.2% from January but down 2.7% from the same month last year. At the current sales pace, builders have a 9.8 month supply of unsold homes, unchanged from last month.
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