US: New Home Sales in February At Lowest Level Since 1963

USA Real EstateSales of new homes in the United States have slumped to the lowest level since the 1960’s, official data showed Wednesday, offering more evidence of an lingering real estate crisis.

Sales tumbled nearly 17 percent in February, the Commerce Department said, to a seasonally adjusted total of 250,000 sales during the month. That marked the lowest number of units sold since 1963, when records began.

At the current rate it would take almost nine months for the all the new homes on the US market to be sold — if no more homes are built. The biggest slowdown in turnover was seen in the country’s populous northeast, with sales down 57 percent from January.

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