New home sales drop more than expected
Feb 24, 2016, 20:30 IST
New home sales fell 9.2% at an annual rate of 494,000 in January, according to the Census Bureau.
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This is a slowdown from the increase by 8.2% (revised from 10.8%) at an annual rate of 544,000 in December.
According to Bloomberg, economists had forecast that new home sales fell 4.4% at an annual rate of 520,000.
The median home home sale price was $278,000, down 4% month-on-month. The average sales price was $365,700.
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