New homes sold at a pace of 313,000 per year, down from January's pace of 318,000 and December's 336,000 but still 11.4 percent above the year-earlier pace.

The median price of homes sold rose $18,000 to $233,700, suggesting some strength in the market despite the slower pace of homes sold.

The supply of homes on the market stood at 5.8 months' worth, slightly higher than the previous month.