The U.S. Commerce Department released new home sales data on Wednesday. New home sales increased 2.0% to a seasonally adjusted annual rate of 512,000 units in February from 502,000 units in January. January's figure was revised up from 494,000 units.

Analysts had expected new home sales to reach 510,000 units.

The increase was mainly driven higher sales in the West region. New home sales in the West region climbed 38.5% in February.