Magazine article American Banker

Small Comeback for New-Home Sales

Magazine article American Banker

Small Comeback for New-Home Sales

Article excerpt

Sales of new homes last month increased 5.2% from January, to an annual rate of 875,000, but remained below the pace set a year earlier, when a record 900,000 units were sold, according to the Census Bureau and the Department of Housing and Urban Development.

The February sales pace was 8.7% below the same month last year, when new homes sold at an annual rate of 959,000 units. Still, the rate reverses the huge drop in January, when sales of new homes fell 15.8% from December, to an annual rate of 831,000 units.

Jade Zelnik, the chief economist at Greenwich Capital Markets Inc., said even though last month's new-home sales were "robust," the market for new homes has not shown the same "buoyancy" as that for existing homes.

Sales of existing homes last month fell 2.8% from January, to an annual rate of 5.88 million units, still well above the 5.25 million units sold last year, also a record. …

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