Sales of new homes plunged 18.2% in February as severe winter weather in many parts of the country and a lack of supply took a toll on the housing industry.
(AP Photo/Nam Y. Huh)WASHINGTON – Sales of new homes plunged 18.2% in February as severe winter weather in many parts of the country and a lack of supply took a toll on the housing industry.
Sales of single-family homes dropped to a seasonally adjusted annual rate of 775,000 last month, the Commerce Department reported Tuesday, the slowest sales pace since May of last year.
The same weather disruption was evident in the existing homes market, for which the U.S. released data Monday.
The report Tuesday marked the first decline in sales of new homes in two months.