New home sales fell 3.3% month-over-month in February, to an annualized pace of 440,000.
This was better than expectations for a 4.9% fall to an annualized pace of 445,000.
January's number however saw a significant downward revision to reflect a 3.2% rise to an annualized pace of 455,000 units. This compares with an initial reading of a 9.6% MoM rise to an annualized pace of 468,000.
The inventory of homes climbed to 5.2 months supply at the current sales pace. Meanwhile, the median sales price climbed to $261,800, from $260,800 the previous month.
Homebuilder confidence has also been weakening. Homebuilders cited the severe winter and difficulties in finding lots and labor for declining confidence.
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