A on the market signal stands in entrance of a home, Tuesday, Oct. 6, 2020, in Westwood, Mass. U.S. long-term mortgage charges edged decrease this week, reaching file lows for the 14th time this 12 months in opposition to the backdrop of the pandemic-ravaged financial system. Mortgage finance big Freddie Mac says on Thursday, Dec. 3, the typical charge on the 30-year fixed-rate house mortgage slipped to 2.71% from 2.72% final week. (AP Photograph/Steven Senne)
Gross sales of latest properties plunged 18.2% in February as extreme winter climate in lots of elements of the nation and a scarcity of provide took a toll on the housing trade.
Gross sales of single-family properties dropped to a seasonally adjusted annual charge of 775,000 final month, the Commerce Division reported Tuesday, the slowest gross sales tempo since Could of final 12 months.
The median worth of a brand new house bought in February was $349,400, up 5.3% from a 12 months in the past.
Extreme winter storms additionally had an affect on the sale of current properties, which declined 6.5% in February to a seasonally adjusted annual charge of 6.22 million items.