Homes sales slid in February

WASHINGTON, March 23 (UPI) -- Sales of new single-family homes declined 1.6 percent from January to February, the U.S. Commerce Department said Friday.

Home sales in February came in at a seasonally adjusted annual rate of 313,000. In January, the rate stood at 318,000 new homes sold, the department said, releasing a revised figure.

The rate of home sales in February was 11.4 percent above the 281,000 new single-family homes sold in the same month of 2011.

The Commerce Department said the average sale price for a new home sold in February was $233,700.

Going into March, there were 150,000 new homes on the market, a 5.8-month supply at the current rate of sales, the Commerce Department said.