Sales of newly built homes dipped 4.6 percent in February to a seasonally adjusted annual rate of 411,000, while median-sale price improved by 3 percent to $246,800 compared with January, the U.S. Department of Commerce said today.
The January numbers were revised to 431,000. February still was 12.3 percent above the February 2012 estimate of 366,000, the department said.
New homes for sale at the end of February were 152,000, or a 4.4-month supply. That was up from 4.2 months in January but down from 4.8 months in the same month a year ago.
A lag in new construction and lean inventory of resales could challenge continued market recovery, real estate professionals have said recently.