New Home Sales Dip in February

Washington, DC, March 23, 2012 -- New home sales slipped 1.6% in February though prices rose, according to the Commerce Department.

Sales fell to a seasonally adjusted 313,000 in February, from a slightly downwardly revised 318,000 in January.

Economists had expected improving sales, at a 330,000 annual rate.

Median sales prices jumped 8.8% to $233,700, which is the biggest one-month percentage rise in 14 months.