Indicators
US New-Home Sales Unexpectedly Rise, Showing Some Stabilization
- Purchases increased 1.1% last month after January revised down
- A measure of backlogs rose sharply to the highest since March
Homes in Rocklin, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Sales of new US homes unexpectedly rose in February after a downward revision to the prior month, suggesting the housing market is beginning to stabilize after a tumultuous year.
Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday. The median estimate in a Bloomberg survey of economists called for a 650,000 pace.