Census Bureau: New Home Sales at Highest Rate in Seven Years

Julie C. Nichols General

The M Report – Samantha Guzman

Sales of new single family homes took an unexpected turn Tuesday, when data released showed the rate rose to the highest it has been in seven years. According to data released by the U.S. Census Bureau and HUD, the February sales are up nearly 25 percent compared to sales from that month last year. Sales for February 2014 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent above the January rate of 500,000.

The report brings positive news to what some might say has been a lackluster start for housing in the New Year. January marked a slow start for housing recovery, with single-family housing starts falling 6.7 percent month-over-month. Overall, January’s new construction rate was down 2 percent from the month before. And in February, privately-owned housing starts dropped to the lowest rate seen in years. Housing starts for February dropped 17 percent to a seasonally adjusted annual rate of 897,000.

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