U.S. New-Home Sales Declined in February for a Second Month
- Purchases dropped 2% to a 772,000 pace, missing estimates
- Buyers may be shying away amid high home prices, rising rates
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Sales of new U.S. homes fell in February for a second month, suggesting high prices and rising mortgage rates may be keeping prospective buyers on the sidelines.
Purchases of new single-family homes decreased 2% to a 772,000 annualized pace following a downwardly revised 788,000 in January, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 810,000 rate.