New U.S. home sales drop 3.3% in February | Pound Ridge NY Homes

New U.S. homes sold at an annual rate of 440,000 in February, down 3.3% from January’s one-year high, the government said Tuesday. Economists polled by MarketWatch forecast sales to total a seasonally adjusted 440,000 last month. Sales climbed 37% in the Midwest after plunging in January, while sales fell in the Northeast, South and West. The median price of new homes edged up 0.4% to $261,800 last month. The supply of new homes on the U.S. market rose to 5.2 months at the current sales pace from 5.0 months in January. New home sales are 1.1% lower compared to one year ago, reflecting weaker demand because of higher mortgage rates and home prices as well as a bitterly cold winter.

http://www.marketwatch.com/story/new-us-home-sales-drop-33-in-february-2014-03-25?siteid=yhoof2