New home sales stumble 2.2% in February to hit fresh low

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Sales of new homes in the U.S. fell for a fourth consecutive month in February, setting a new low.

The Commerce Department reported Wednesday that new homes sold at a seasonally adjusted annual rate of 308,000 units, a 2.2% drop from January and 13% below February 2009.

It was the second consecutive month that sales have fallen to a low not seen since the government began tracking statistics in 1963.

“What’s the story on housing?” Michael D. Larson, an interest rate and housing analyst with Weiss Research, wrote in a note to clients. “The market remains stuck in the doldrums, that’s what.”

The median sales price of new houses sold in February 2010 was $220,500, according to the government.

The seasonally adjusted estimate of new houses for sale at the end of February was 236,000, representing a supply of 9.2 months at the current sales rate.

-- Alejandro Lazo