New Home Sales Fall In Feb.; Sales Prices Rise - Spokane, North Idaho News & Weather KHQ.com

New Home Sales Fall In Feb.; Sales Prices Rise

WASHINGTON (AP) - New home sales in the United States fell to 313,000 in February marking the second consecutive month of declining sales. Sales prices, however, surged to their highest level in eight months, suggesting builders anticipate more demand in the months ahead.

The Commerce Department says new-home sales fell 1.6 percent last month to a seasonally adjusted annual rate of 313,000 homes.

Sales have fallen nearly 7 percent since December. The median sales price jumped more than 8 percent in February to $233,700. That's the highest level since June.

New homes account for a fraction of sales but they have a big impact on the economy. For each home built, three jobs and $90,000 in tax revenue are generated, according to the National Association of Home Builders.

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