Sales of New Homes Hits Record Low in February

Washington, DC, March 24, 2010--U.S. new-home sales fell in February for the fourth consecutive month to a record low despite an extension of a federal tax credit meant to attract buyers, according to the Commerce Department.

New-home sales slipped 2.2% to an annual pace of 308,000, which is the lowest rate since the government began tracking the data in 1963.

Economists forecast annualized sales of 318,000.

Sales for January were revised to a seasonally adjusted annual rate of 315,000, up from 309,000 as previously reported.

The pace of new home sales is down 13% compared to February 2009.