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- U.S. new home sales fall less than forecast in February
U.S. new home sales fall less than forecast in February
The U.S. Commerce Department announced on Tuesday that the sales of new single-family homes dropped 4.4 percent m-o-m to a seasonally adjusted annual rate of 765, 000 units in February.
Economists had forecast the sales pace of 750,000 last month.
January's sales pace was revised up to 800,000 units (+10.5 percent m-o-m) from the originally reported 764,000 units (+7.9 percent m-o-m).
According to the report, the February decline in purchases of new homes was due to decreases in the West (-17.2 percent m-o-m) and the Midwest (-7.3 percent m-o-m), which more than offset gains in the Northeast (+38.9 percent m-o-m) and the South (+1 percent m-o-m).
In y-o-y terms, new home sales recorded a 14.3 percent jump in February.
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