Posted: Mar 26, 2013 7:09 AM by ASSOCIATED PRESS
WASHINGTON (AP) - Sales of new homes fell in February after climbing to the highest level in more than four years in January.
The Commerce Department says that sales of new homes dropped to a seasonally adjusted annual rate of 411,000 in February. That is a decline of 4.6 percent from the January level of 431,000, which had been the strongest sales pace since September 2008.
The decline in February still left sales 12.3 percent higher than a year ago. While sales remain below the 700,000 level considered healthy, the housing recovery is gaining strength and is starting to look sustainable. Steady job creation and near record-low mortgage rates are spurring sales.
The median price of a new home sold in February was $246,800, up 2.9 percent from a year ago.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties