February New Home Sales Rise Unexpectedly

WASHINGTON (AP) - The government says new home sales rebounded
unexpectedly last month, but were still the second-worst on record
and remained well below last year's levels.
The Commerce Department says sales rose 4.7 percent in February
to a seasonally adjusted annual rate of 337,000 from an upwardly
revised January figure of 322,000. Even after the revision to
January's sales results, the month remained the worst on records
dating back to 1963.
Economists surveyed by Thomson Reuters had expected February
sales to fall to a pace of 300,000 units.
Sales were down more than 40 percent from February 2008.

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