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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for February showing a notable decline with sales falling 3.3% from January dropping 1.1% below the level seen in February 2013 and remaining at an historically low level of 440K SAAR units.

The monthly supply increased to 5.2 months while the median selling price declined 1.24% and the average selling price increased 1.60% from the year ago level.

The following chart show the extent of sales decline to date.

(click to enlarge)

Source: New Home Sales: February 2014