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New home sales drop to a new record low

Home prices fell to a record low last month, according to survey.

Home prices fell to a record low last month, according to survey.

It was a slow month for the moving market in February, particularly for residents moving into new single-family homes.

According to a joint release from the U.S. Census Bureau and Department of Housing and Urban Development, sales of new single-family houses last month fell nearly 17 percent compared to January to a seasonally-adjusted annual rate of 250,000. On a year-over-year basis, single-family house transactions fell 28 percent.

The median sales price of new houses sold last month was $202,100, according to the report, down from $221,900 a year earlier.

The number of new home sales in February is a record low - the previous record was set in August 2010 when new homes sales reached a seasonal pace of 274,000. The government began keeping records for home sales in 1963.

Low home prices can be a double-edged sword for the health of the housing market. Affordable housing means more people can go out and buy a house, but at the same time some potential buyers may hold out, expecting prices to drop even lower.