WASHINGTON — New U.S. single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, a government report said Wednesday.
The Commerce Department said sales dropped 16.9% to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963.
Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate.
Compared to February last year sales were down 28%.
An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market.
The median sales price for a new home tumbled 13.9% last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9%.
At February's sales pace, the supply of new homes on the market rose to 8.9 months worth, the highest since August, from 7.4 months worth in January.
Thomson Reuters 2011
hostgator coupon 2011
No comments:
Post a Comment