U.S. New Home Sales Unexpectedly Tick Down in February

By Ed Frankl

Sales of new single-family homes in the U.S. fell unexpectedly in February, further evidence of a fragile real-estate market. Here are the main takeaways from the Commerce Department report released Monday:

--New home sales fell by 0.3% compared with January, reaching a seasonally adjusted rate of 662,000. The level for January was revised up to 664,000 from 661,000.

--Sales had been expected to rise to 675,000, according to a poll of economists compiled by The Wall Street Journal.

--However, sales were 5.9% higher than February 2023, adjusted for seasonal shifts.

--The estimate of new houses for sale was 463,000, representing a supply of 8.4 months at the current sales rate.

--The weaker-than-expected sales figures come despite improving data for housebuilding, which showed housing starts rose about 11% in February, according to Commerce Department data set out earlier this month.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

March 25, 2024 10:25 ET (14:25 GMT)

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