New Residential Sales in February

Our mortgage broker in San Ramon just got a new information about February residential home sales. Sales of new single-family houses in February 2016 were at a seasonally adjusted annual rate of 512,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. This is 2.0 percent (±18.8%)* above the revised January rate of 502,000 and is 6.1 percent (±17.9%)* below the February 2015 estimate of 545,000.

The median sales price of new houses sold in February 2016 was $301,400; the average sales price was $348,900. The seasonally adjusted estimate of new houses for sale at the end of February was 240,000. This represents a supply of 5.6 months at the current sales rate.

Planning to purchase a new home this Spring? Contact our loan agent in San Ramon to pre-qualify for home mortgage, so you have an idea on how much you can afford.