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23 Mar 2021 | 15:10

US new home sales drop sharply in February

(Sharecast News) - New home sales undershot economists' forecasts by an enormous margin last month. According to the Department of Commerce, the annualised pace of new home sales in the US shrank by an outsized 18.2% month-on-month to reach 775,000.

Economists had penciled-in a slowdown from January's clip of 923,000 to 885,000.

Despite the drop, the pace of new home sales remained 8.2% above its year ago level.

The median price of a new home available for sale meanwhile fell from $353,200 to $349,400.

Falling new home sale in February pushed the housing inventory available to be sold from 3.8 months' worth of sales to 4.8 months.
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