New Home Sales Collapse

Sales of new single-family homes were certainly not at attic heights in February, according to figures released jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development on March 24.

Last month new residential sales were at a seasonally adjusted annual rate of 1.08 million, 10.5% below their revised January rate of 1.207 million. Economists had expected sales to slip in February, but only to a rate of 1.2 million.

At the end of February an estimated 548,000 houses were for sale, a 6.3-month supply.

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