+
US new home sales dip 0.3% in February 2024
Real Estate

US new home sales dip 0.3% in February 2024

The report from the Commerce Department indicated an unexpected decline in the sales of new US single-family homes in February, following an increase in mortgage rates during the month. However, it noted that the overall trend remained robust amidst a persistent shortage of previously owned houses available in the market.

According to Conrad DeQuadros, a senior economic advisor at Brean Capital, housing activity seemed to be stabilizing as homebuilders were observed to be constructing more affordable and likely smaller homes. DeQuadros mentioned that sales had maintained relative stability around the levels seen in December over the past two months, with prices experiencing a decline at mid-single-digit rates on a year-over-year basis.

The data revealed that the median price of new homes last month was the lowest in more than 2-1/2 years, while the supply reached its highest level since November 2022. Builders were reported to be increasing construction efforts and implementing strategies such as price reductions, offering incentives, and reducing floor size to enhance housing affordability.

The Commerce Department's Census Bureau reported a 0.3% decrease in new home sales to a seasonally adjusted annual rate of 662,000 units in the previous month. The sales pace for January was revised upward to 664,000 units from the initially reported 661,000 units. Economists surveyed by Reuters had predicted that new home sales, constituting 13.1% of U.S. home sales, would climb to a rate of 675,000 units. Notably, new home sales are recorded at the contract signing stage, rendering them a leading indicator of the housing market, albeit subject to volatility on a month-to-month basis. Sales saw a year-on-year increase of 5.9% in February.

The report from the Commerce Department indicated an unexpected decline in the sales of new US single-family homes in February, following an increase in mortgage rates during the month. However, it noted that the overall trend remained robust amidst a persistent shortage of previously owned houses available in the market. According to Conrad DeQuadros, a senior economic advisor at Brean Capital, housing activity seemed to be stabilizing as homebuilders were observed to be constructing more affordable and likely smaller homes. DeQuadros mentioned that sales had maintained relative stability around the levels seen in December over the past two months, with prices experiencing a decline at mid-single-digit rates on a year-over-year basis. The data revealed that the median price of new homes last month was the lowest in more than 2-1/2 years, while the supply reached its highest level since November 2022. Builders were reported to be increasing construction efforts and implementing strategies such as price reductions, offering incentives, and reducing floor size to enhance housing affordability. The Commerce Department's Census Bureau reported a 0.3% decrease in new home sales to a seasonally adjusted annual rate of 662,000 units in the previous month. The sales pace for January was revised upward to 664,000 units from the initially reported 661,000 units. Economists surveyed by Reuters had predicted that new home sales, constituting 13.1% of U.S. home sales, would climb to a rate of 675,000 units. Notably, new home sales are recorded at the contract signing stage, rendering them a leading indicator of the housing market, albeit subject to volatility on a month-to-month basis. Sales saw a year-on-year increase of 5.9% in February.

Next Story
Infrastructure Urban

Jupiter Opens First EV Showroom in Hyderabad

Jupiter Electric Mobility Pvt Ltd (JEM), the electric commercial vehicle arm of Jupiter Wagons Ltd, has inaugurated its first showroom in New Bowenpally, Secunderabad, Hyderabad. The launch also marks the introduction of its 1.05-tonne four-wheeler electric light commercial vehicle (eLCV), JEM TEZ, to Telangana’s growing logistics and intra-city freight market. This expansion underscores JEM’s commitment to delivering purpose-built sustainable mobility solutions and accelerating the electrification of India’s logistics sector.The new showroom, operated by Arven Motors Pvt Ltd, offers cus..

Next Story
Infrastructure Energy

Premier Energies Launches 620W DCR Solar Modules in India

Premier Energies Limited, one of India’s largest integrated solar manufacturers, has launched its next-generation 620W DCR solar modules using G12R TOPCon technology, now among the most powerful large-format panels available in the country.The new modules, built with Tunnel Oxide Passivated Contact (TOPCon) architecture, deliver superior power density, improved temperature coefficients, and enhanced low-light performance. The rectangular G12R N-type cell design enables higher string power and balance-of-system optimisation, making the panels suitable for utility-scale projects as well as com..

Next Story
Infrastructure Energy

ONGC Starts Gas Sales from Rajasthan Chinnewala Tibba Block

Oil and Natural Gas Corporation Limited (ONGC) has commenced natural gas sales from the Discovered Small Field (DSF-II) Block RJ/ONDSF/Chinnewala/2018, marking the successful monetisation of the Chinnewala Tibba field in the Rajasthan Kutch Onland Exploratory Asset (RKOEA). Gas sales officially began on 25 August 2025.This development highlights ONGC’s commitment to boosting domestic energy production and strengthening India’s energy security under the guidance of the Ministry of Petroleum and Natural Gas. Located in western Rajasthan, close to the Indo-Pakistan border, the Chinnewala Tibb..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?