New Home Sales Strong Prior to Coronavirus Outbreak

Sales of newly built, single-family homes fell 4.4 percent to a seasonally adjusted annual rate of 765,000 units in February, coming off a sharp upward revision in January, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The February rate is 14.3 percent higher than the February 2019 pace, and January and February readings mark the highest monthly sales paces since July 2007.

"Sales were on solid footing as we entered 2020, but this could be the high water mark for the next few months as consumers contend with the coronavirus outbreak," said Dean Mon, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Shrewsbury, N.J.