New Home Sales Rose Slightly After Revisions Erased January’s Surge

New Home Sales Rose Slightly After Revisions Erased January’s Surge

New home sales surprised everyone in January, surging by 7.5 percent to 670,000 units, the highest rate since March 2022.  It was, however, only an illusion. That number has now been revised down to 633,000.  The more modest number – which is still significantly higher than analysts had expected – means that the February number, a seasonally adjusted annual sales rate of 640,000 units, represents a monthly increase of 1.1 percent. This is down 19 percent from the 790,00-unit rate in February 2022. [newhomesall] The February number wasn’t a surprise. Even before the January revision, analysts had expected a pullback. Those polled by Econoday had a consensus estimate of 645,000 and Trading Economics came in at 650,000. On a non-adjusted basis, there were 59,000 homes sold in Febr