Sales of new homes in the US dropped for a third consecutive month in February to the lowest rate on record, writes Shannon Bond in New York.
The commerce department said sales fell 16.9 per cent to an adjusted annual rate of 250,000, compared with a revised rate of 301,000 in January. That missed economists’ expectations of 290,000 and represented a 28 per cent decline from February 2010.
“Housing is not yet participating in the broader recovery,” said Ian Shepherdson, chief US economist at High Frequency Economics, an independent research group. “Sales for the previous three months were revised up by a total of 30,000, so the net number is not quite as bad as the headline but it is still horrible,” he said.
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