February 2010 new home sales data
While existing-home sales are up 7.0% from February 2009, the U.S. Census Bureau reports today that sales of new single-family homes dropped 2.2% from January 2010 and a drastic 13.0% from February 2009.
The median sales price of new homes in February was $220,500 with a 9.2 month supply.
In February, we reported that housing starts were up and permits were down, but with a 9.2 month supply and new home sales at a startling low, home builders may be in for a rough spring.
Will the tax credit save the industry next quarter or will we see more small builders closing up shop?
Regardless, our suspicion is that if the new home industry is struggling this much, that “we can’t help you” attitude of last year might have turned into a rolling out of the red carpet- maybe it’s time to grab your buyers and go shopping?!?