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- U.S. new home sales tumble 18.2 percent in February
U.S. new home sales tumble 18.2 percent in February
The U.S.
Commerce Department announced on Tuesday that the sales of new single-family
homes plunged 18.2 percent m-o-m to a seasonally adjusted annual rate of 775,000
units in February. That was the lowest reading since May 2020.
Economists had
forecast the sales pace of 875,000 last month.
January’s sales
pace was revised up to 948,000 units from the originally reported 923,000 units.
According to
the report, new home sales in the South, the largest area, fell 14.7 percent m-o-m
in February. Meanwhile, sales in the Midwest tumbled 37.5 percent m-o-m and
those in the West decreased 16.4 percent m-o-m. In the Northeast, new home
sales dropped 11.6 percent m-o-m in February.
In y-o-y terms,
new home sales were up 8.2 percent in February.
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