New home sales in the United States fell in February for the second month in a row, indicating that high housing prices and rising interest rates may keep potential buyers on the sidelines.
In particular, new home purchases fell 2% to 772,000 year-on-year, following a January revised count to 788,000, according to government data released today. Analysts’ average estimates in a Bloomberg poll put sales at 810,000.
The drop in sales shows that buyers are falling behind amid high prices and while mortgage rates are rising as the US Federal Reserve tightens its policy.
The average price for a newly built home climbed 10.7% in February from a year earlier to $ 400,600, according to government figures.
Source: Capital
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