The new home sales numbers are out. "Sales of new one-family houses in February 2006 were at a seasonally adjusted annual rate of 1,080,000, according to estimates released today by the U.S. Census Bureau. This is 10.5 percent below the revised January rate of 1,207,000 and is 13.4 percent below the February 2005 estimate of 1,247,000."

"The median sales price of new houses sold in February 2006 was $230,400;. The seasonally adjusted estimate of new houses for sale at the end of February was 548,000. This represents a supply of 6.3 months at the current sales rate."

"Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off."

"The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent last month to a seasonally adjusted annual sales pace of 1.08 million homes. It was the second straight monthly decline and was much bigger than the small 2 percent dip that Wall Street was expecting."

"The number of new homes on the market increased 4.4% to a record 548,000, representing a 6.3 months supply. The months' supply is the largest in a decade. Sales in January were revised lower to a 1.207 million unit pace from 1.233 million previously estimated."

"The median sales price fell by 2.9% year-over-year to $230,400 in February. The average sales price rose 2.6% to $296,700. The sharp drop in home sales may be confirmation to some economists that the higher mortgage rates may bring an abrupt end to what they see as a bubble in housing, with prices higher than justified by fundamentals."

National Median Prices:

Oct. 05..$243,900

Nov. 05..$237,300

Dec. 05..$236,800

Jan. 06..$234,200

Feb. 06..$230,400