Economics
U.S. New-Home Sales Fall to Nine-Month Low Following Bad Weather
- Purchases decreased 18.2%, worse than most forecasts
- Housing demand restrained by high prices, lean inventory
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U.S. sales of new homes declined in February to a nine-month low as severe winter weather in parts of the country limited foot traffic against a backdrop of elevated prices that may be restraining momentum.
Purchases of new single-family homes decreased 18.2% -- the sharpest decline since July 2013 -- to a 775,000 annualized pace from an upwardly revised 948,000 rate in the prior month, government data showed Tuesday. The median forecast called for an 870,000 pace. Sales dropped in all regions across the U.S.