US new home sales fall

Monitoring Desk

WASHINGTON: Sales of new US single-family homes fell in February after surging in the prior month, and could decline further because of the coronavirus pandemic, which is boosting unemployment and severely disrupting economic activity.

The Commerce Department said on Tuesday new home sales dropped 4.4% to a seasonally adjusted annual rate of 765,000 units last month. January’s sales pace was revised sharply higher to 800,000 units from the previously reported 764,000 units. Economists polled by Reuters had forecast new home sales, which account for more than 10% of housing market sales, declining 2.0% to a pace of 750,000 units in February. (Reuters)