Even though there was little change in national new home sales, sales sank in the West and soared in the Northeast. The inventory of new homes for sale reached a 9-year high.

On a preliminary basis, the sale of 51,000 new single-family homes were completed during February. Including prior-month sales, there have been 98,000 new home sold this year.

Making adjustments for seasonal factors, the annual rate of new home sales worked out to 618,000 last month, off less than a percent from the upwardly revised level for January.

Source: Mortgage Daily