New home sales fell in February as the housing market felt the effects of higher mortgage rates, which have remained at multiyear highs for months.

New home sales fell 0.3% from January to 662,000, according to a Monday report from the Census Bureau. Nevertheless, the number of new home sales is nearly 6% higher than it was in February of last year, in part because the inventory of pre-owned homes is so low that buyers have been forced into the market for new stock.