US new home sales hit record low as cold weather bites

Sales of new homes in the US fell to their lowest level on record in February as the cold weather discouraged buyers, figures have shown.

Sales fell by 2.2% to a seasonally-adjusted annual rate of 308,000, down from a revised rate of 315,000 in January, the Commerce Department said.

It was the fourth consecutive monthly fall in home sales and a much lower figure than economists had expected.

Figures released on Tuesday showed existing home sales also falling.

BBC News

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