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New home sales slide back, prices rise in February

By - Last modified: March 26, 2013 at 10:56 AM

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.

 

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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