BusinessApril 3, 2000
BUSINESS MEMO: HOME SALES STILL ROBUST
Americans bought fewer new homes in February as mortgage rates rose, yet the level of sales remained robust overall, leaving economists to marvel at the housing sector's resilience. The Commerce Department reported Wednesday that sales of new homes fell by an unexpected 0.5 percent last month but the seasonally adjusted annual rate was 919,000, a level higher than expectations...
Americans bought fewer new homes in February as mortgage rates rose, yet the level of sales remained robust overall, leaving economists to marvel at the housing sector's resilience.
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The Commerce Department reported Wednesday that sales of new homes fell by an unexpected 0.5 percent last month but the seasonally adjusted annual rate was 919,000, a level higher than expectations.
Even with the decrease, February's sales were 2.9 percent higher than February 1999.
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