The new United States national new housing sales report is out. Here are some of the statistics:

• U.S. new-home sales unexpectedly fell in February, dropping to their lowest level in nearly seven years and calling into question whether the housing slump has resumed.
• Sales of single-family homes decreased by 3.9% to a seasonally adjusted annual rate of 848,000, the Commerce Department said Monday. Wall Street expected a 6.7% increase in demand.
• The drop followed a 15.8% plunge in January and carried the annual sales rate to its lowest level since 793,000 in June 2000. The median home price dipped year over year and inventories grew.
• Year-to-year, new-home sales were 18.3% lower. Recovery from the slump could be hampered by the subprime market mess. Delinquency rates for subprime mortgage loans rose at the end of last year. Wall Street is worried tighter lending standards for borrowers with less-than-sterling credit could slow home sales in the future.
• Keeping new-home sales from falling farther last month was demand in the West, which soared 24.6%. A month prior, sales in the region plunged 25.8%. Elsewhere, new-home sales in February fell 26.8% in the Northeast, 20.0% in the Midwest, and 7.0% in the South.
• The average price of a home last month increased to $331,000 from $310,100 in January. The median price was $250,000, higher than $243,200 in January but below $250,800 in February 2006.

There were an estimated 546,000 homes for sale at the end of February, representing an 8.1 months’ supply at the current sales rate — the highest supply since 9.4 in January 1991. In January, an estimated 538,000 homes were for sale, a 7.3 months’ inventory.

This data means that home buyers are still at advantage, in this strong buyer’s market, despite mortgage issues. Although the issues pertaining to sub-prime mortgage lenders are likely a factor contributing to the data trends.

More analysis to come.