New Home Sales Hit Record Low

The sale of new homes declined 2.2 percent in February, falling to the lowest point since records were first kept starting in 1963. A series of severe winter storms that kept potential buyers away is partly to blame, but the poor results are a clear indication that the housing market continues to struggle.

“While bad weather could well have suppressed the February result, it was dismal no matter how one tries to slice and dice it,” wrote Joshua Shapiro, chief U.S. economist at MFR Inc.

Source: Associated Press

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