Wednesday March 26, 02:31 PM
US new home sales fall 1.8 pct in February
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WASHINGTON (AFP) - Sales of new homes fell 1.8 percent across the United States in February as the property market remained mired in one of its worst downturns in decades, a government report showed Wednesday.
The Commerce Department said in a monthly snapshot that new home sales declined to a seasonally adjusted annual rate of 590,000 properties.
Most economists had expected sales to fall, but January sales were revised higher to a sales pace of 601,000 units.
New home sales have tumbled 29.8 percent in the past 12 months as a multiyear property slump continues to drag down sales despite the Federal Reserve's interest rate-cutting campaign.
The Fed has slashed US interest rates since September, partly in a bid to revitalize the ailing property market.
The median price of a new home increased 8.2 percent from a month earlier to 244,100 dollars, however, suggesting that recent price declines might be tempting more buyers back into the market.
The average sales price climbed 4.9 percent for the month to 296,400 dollars.
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