New Home Sales Hit Record Low in February

Washington, DC, March 23, 2011 -- Sales of new single-family homes fell 16.9% to a record-low annual rate of 250,000 in February, the Commerce Department estimated Wednesday.

The figure was far below the 290,000 that economists had expected, though January's sales were revised higher to 301,000 from 284,000.

Compared to February 2010, sales fell 28%. Every region but the West saw record lows.