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New home sales took a tumble in February

Posted on 27 March 2013

Sales of new U.S. single-family homes fell more than expected in February after hefty gains the previous month, but steady gains in home prices suggested the housing market recovery remains intact. The Commerce Department said on Tuesday sales dropped 4.6 percent to a seasonally adjusted annual rate of 411,000 units. Last month’s decline followed a 13.1 percent jump in January.
Though January’s sales pace was revised down to 431,000 units, it was still the highest level since September 2008. Economists polled by Reuters had expected sales to fall to 422,000-unit rate last month. Compared with February 2012, sales were up 12.3 percent, indicating the housing market recovery was on course. Sales are being hampered by a lack of supply of homes on the market in some major parts of the country………………………………………..Full Article: Source


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