US new home sales grow more slowly than expected in February
By Alexander Bueso
Date: Thursday 23 Mar 2023
(Sharecast News) - New home sales in the States grew more slowly than anticipated last month.
According to the Department of Commerce, in seasonally adjusted terms, they increased at a month-on-month pace of 1.1% to reach 640,000.
Economists had penciled in an annual rate of 650,000.
"Abundant supply is the key factor driving the relative strength of new home sales," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"The number of new homes on the market stood at 8.2 months of sales in February, more than triple the 2.5 months in the existing home market, but below the peak of 10.1 in September. Homebuilders, facing an uncertain demand outlook and inventory overhang, appear to be slashing prices aggressively to shift this excess supply."
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