New Home sales in US declined in February

New home sales fell in the United States during February, after rising in the previous month, and house sales are likely to drop further due to the outbreak of the Coronary Virus Covid 19 and its negative impact on economic activity.

The US Department of Commerce said today that new home sales in the United States fell by 4.4% to an average annual seasonal rate of 765,000 units in February from 800,000 units in January, the highest level since May 2007.

Analysts had expected US new home sales to record 750,000 units in February, and new home sales in the U.S. rose year on year to 14.3% compared to the same period last year.