U.S. builders sold fewer
homes than expected in February, a sign housing may fail to repeat
last year’s record performance.
The 5.3 percent increase brought the annual sales rate to
875,000 new single-family homes from 831,000 in January, the
Commerce Department said. That compares with a record 907,000 new
homes sold in 2001.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Interest rates on 30-year mortgages have risen to their
highest since the first week of January and that may damp sales in
coming months. Still, KB Home and other builders are faced with a
growing backlog of homes sold and not yet started. That’s likely
to keep construction companies busy for much of the year.
Analysts had expected February sales to rise 8.1 percent from
January’s previously reported pace of 823,000. New homes account
for 15 percent of all houses sold. Previously owned homes, which
sold last month at the second-strongest pace on record, account
for the rest.
Bloomberg News
