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Contracts for new home sales expanded by 6.1% in February, according to estimates from the joint data release of HUD and the Census Bureau. The growth in sales continues along a positive trend for the market, which is supported by solid job growth, improving household formations, continuing favorable housing affordability conditions, and tight existing home inventory. The seasonally adjusted annual pace for February new single-family home sales was 592,000. This is 6.1% better than January and a 12.8% gain over a year ago.

Existing home sales, as reported by the National Association of Realtors (NAR), reversed a January gain and decreased 3.7% in February. At the current sales rate, the February unsold inventory represents a 3.8-month supply, compared to a 3.5-month supply in January. February existing sales were up 5.4% from the same month a year ago, and reached a seasonally adjusted rate of 5.48 million compared to 5.69 million in January. Total existing home sales include single-family homes, townhomes, condominiums and co-ops. Existing sales increased 1.3% in the South, but declined by 3.1% in the West, 7.0% in the Midwest and 13.8% in the Northeast. Year-over-year, all regions advanced, ranging from 9.6% in the West to 1.5% in the Northeast.