US new home sales plunge 18.2% in February: govt

Washington (AFP) – Sales of new homes in the United States plunged in February, government data said on Tuesday, as bad winter weather chilled the hot housing market. Sales decreased 18.2 percent from January’s upwardly revised rate to a seasonally adjusted rate of 775,000 annualized, much worse than analysts had expected and the worst reading since May of last year. Real estate has been in high demand even as the Covid-19 pandemic harmed the wider US economy, and analysts said the sharp decline in sales last month was partly due to tightening inventory and rising prices that kept some buyers …

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