US News

Residential home sales dropped in February

Mar 26, 2008, 16:23 GMT

Washington - The number of residential homes sold in the United States fell for the fourth straight month in February and has dropped nearly 30 per cent compared to a year earlier, according to government figures released Wednesday. Home sales dropped a seasonally-adjusted 1.8 per cent from January to February and 29.8 per cent from February 2007, according to a joint release by the US Census Bureau and Department of Housing and Urban Development. The new estimate comes after the National Association of Realtors (NAR) earlier this week said existing home sales, which include townhouses and condominiums in urban areas, rose unexpectedly in February but fell by 23.8 per cent compared to a year earlier. A sharp decline in home sales and prices encouraged a record number of foreclosures over the past year and sparked a wider slowdown in the US economy. The NAR said it does not expect sales figures to pick up until the middle of 2008.

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