Search Share Prices
US new home sales dipped in February
New home sales in America dipped last month, amid softness in the Midwest and West of the country.
However, the decline was more than comfortably offset by upwards revisions to the prior month.
Sales fell by 0.6% month-on-month in February to reach an annualised pace of 618,000, according to the Department of Commerce.
Economists forecasts had called for a reading of 620,000.
However, the prior month's readings was revised from an initial print of 593,000 to 622,000.
In parallel, the pipeline of new homes available rose from 5.8 months' worth of sales in January to 5.9.
The weakest levels of activity were seen in the West and Midwest, were the corresponding annual rates of sales fell by 17.6% to 3.75 to reach 164,000 and 79,000, respectively.
Prices meanwhile were little changed, Commerce said, with the median cost of a new home edging higher from $324.900 to $326,800 while that for an average one slipped from $377,100 to $376,700.