Sales of new single-family houses ran at an annual pace of 512,000 units, up 2.0 percent from January and 2.1 percent
Washington (AFP) - US new-home sales rose in February but tight supplies and rising prices in the housing market kept a lid on gains, Commerce Department data showed Wednesday.
Sales of new single-family houses ran at an annual pace of 512,000 units, up 2.0 percent from January and 2.1 percent over the 2015 average.
Sales gains were all in the west of the United States, while other regions saw declines.
The median price of a new home was $301,400, over the 2015 average of $296,200 and $282,200 in 2014.
The data, volatile from month to month, showed continuing slow gains in the market with analysts pointing to the restrictions of tight supplies.
On Monday the National Association of Realtors reported a fall in used-home sales for the month but a modest 2.2 percent gain from a year ago, with the group citing limited inventory and higher prices as keeping homebuyers at bay.
Despite the tight inventory in new homes, Ian Shepherdson of Pantheon Macroeconomics said: "The data for the past three months are consistent with the rise in mortgage demand, and we remain hopeful that the spring will bring further gains."
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