Posted To: MND NewsWire

Sales of newly constructed home jumped to a 13-year high of 764,000 annualized units in January , a number that was revised even higher today to 800,000. Given that increase, it was expected that there would be a bit of a pullback in February. Sales in February did decline by 4.4 percent according to Tuesday morning’s report from the U.S. Census Bureau and the Department of Housing and Urban Development. Even so, they came in higher than the most optimist forecast. Homes sold at a seasonally adjusted annual rate of 765,000 units during the month, an increase of 14.3 percent year-over- year. The range of forecasts from analysts polled by Econoday was 690,000 to 764,000 units with a consensus of 743,000. On a non-adjusted basis there were 68,000 new homes sold during the month compared to 61…(read more)

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Source: Mortgage News Daily