(FORBES) – New home sales unexpectedly fell last month to the lowest level since November, continuing a recent slowdown in the red-hot housing market, but economists aren't convinced the deceleration will help push home prices lower this year.
Sales of new single-family houses last month totaled 772,000 on a seasonally adjusted basis, down 2% from January and 6% from one year prior, according to a Wednesday report by the U.S. Census Bureau.
The median sales price of new homes was $400,600, compared to $423,300 in January, but average prices jumped from $496,600 to $511,000, surpassing $500,000 for the first time ever, the government said.
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