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April 24, 2014

U.S. new home sales hint at prolonged housing weakness

“Sales of new U.S. single-family homes tumbled to their lowest level in eight months in March, dashing hopes for a quick turnaround for a sector that fell into a soft patch last summer.

“The Commerce Department said on Wednesday sales dropped 14.5 percent to a seasonally adjusted annual rate of 384,000 units. It was the second consecutive monthly decline and the biggest since July, which was also the last time sales were so slow.

“Sales were down 13.3 percent from a year ago, marking the largest year-on-year decline since April 2011.

“Economists, who had expected sales to increase, said the drop suggested some fundamental weakness in the market, although unusually cold weather had also dampened activity.”

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Read full Reuters article here.

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