Economic news

U.S. new home sales fall for second consecutive month

Sales of new U.S. single-family homes dropped for a second month in a row in January, dragged down by sharp declines in the Northeast and South, which could raise worries of a slowdown in the residential property market.

The Commerce Department reported on Monday new home sales tumbled 7.8 percent to a seasonally adjusted annual rate of 593,000 units last month, its trough since August 2017.

New buildings make up about 10% of the U.S. housing market, however, new home sales are registered right after signing the contract, which makes them a more relevant indicator of the market’s state.

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