Washington, D.C. Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low. While the rate of decline has slowed, the worst slump in more than two decades has not run its course, analysts said.
The 1.8 percent drop sent the annual sales rate down to 590,000 units in February, the Commerce Department reported Wednesday. That was the slowest pace since February 1995 and down 57.5 percent from the sales peak of 1.389 million units in July 2005.
The report on new homes showed the number of unsold homes on the market at the end of the month was a 9.8 months' supply at the February sales pace, matching the 26-year high set in January.