25 Mar 2010

US home sales continue fall

10:49 am on 25 March 2010

Sales of new homes in the United States fell to their lowest level on record in February as the cold weather discouraged buyers, figures have shown.

Sales fell by 2.2% to a seasonally-adjusted annual rate of 308,000, down from a revised rate of 315,000 in January, the Commerce Department said.

It was the fourth consecutive monthly fall in home sales and a much lower figure than economists had expected, the BBC reports.

The median sales price for February was $US220,500.