As new home sales picked up last month, the inventory of new houses for sale increased to the highest level in more than seven years.

The number of privately owned new single-family residential properties that were sold during February 2017 came to 49,000 units.

Volume jumped from 41,000 the prior month to the highest volume since July 2016, when there were downwardly revised 54,000 sales.

Source: Mortgage Daily