New Home sales in Feb the lowest in the 47 year history of release

** New home sales were weaker than forecasts, falling 2.2% in February to 308,000 units. By region, new home sales fell in the Northeast (-20.0%), in the Midwest (-18.0%), and in the South (-4.6%), but rose in the West (+20.8%).

BOTTOM LINE: Given the regional information in this report, inclement weather was likely a factor hampering new home sales in February. Other housing reports, such as the Home Builders survey for January through March, do not corroborate the record weakness suggested in this report (the level of new home sales in February is the lowest in the 47 year history of the release).

Source RDQ


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