New home sales were down 4.6 percent in February from January but up 12.3 percent from a year ago. The drop in February was from an elevated January that was the highest since mid-2008. The inventory of unsold new homes remains very low by historic standards at 4.4 month’s supply.
Regionally, the Midwest was the only region with an increase, up 14 percent to an annual rate of 58,000. The Northeast was down 13 percent in a month with significant snow fall. The South was down 10 percent from January and down 6 percent from a year ago. The region did have more rainfall than usual during February and the 2013 average so far remains above the first three quarter averages in 2012. The West fell 2 percent but remains at levels last seen since early 2008.