Sales of New Homes in U.S. Probably Climbed in February

A projected February increase in sales of U.S. new homes probably failed to make up for the ground lost the prior month, adding to evidence the industry is floundering, economists said before a report today.

Purchases, tabulated when contracts are signed, climbed 2.1 percent to a 290,000 annual pace after slumping 13 percent in January, according to the median estimate in a Bloomberg News survey of 77 economists. Even with the gain, sales are close to the record-low 274,000 pace reached in August.