The two-month rally in new home sales ended abruptly
and definitively
in February. The U.S. Census Bureau and Department of Housing
and Urban Development said sales of newly constructed single-family homes dropped
by 18.2 percent to a seasonally adjusted annual rate of 775,000 units but
remained 8.2 percent higher than sales in February 2020. The January estimate,
originally reported at 923,000 annualized units, was revised to 948,000. February’s number was 100,000 below the consensus
estimate of analysts polled by Econoday. Their projections ranged from 825,000
to 970,000.

 

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