Sales of New Homes Fall in February
The number of new, single-family homes sold in February fell 2.4 percent to an annual rate of 911,000, down from 933,000 in the previous month, the Commerce Department said.
The figure was well below expectations from analysts, who figured single-family homes sales totaled 918,000 last month. The supply of available new, single-family homes was steady in February at 4.1 months' worth at the current sales pace, unchanged from January. The median price of new, single-family homes reached $167,000 in February, up slightly from $166,900 in the previous month.
Bolstered by low interest rates on mortgages, the U.S. housing market has remained strong, despite a sharp slowdown in the nation's economy. Compared to a year ago, sales of new homes was actually up 0.7 percent last month.