U.S. New Home Sales Tumble To Record Low In February
Written on March 24, 2011 by Julia Woodard
Forex Pros – U.S. new home sales dropped more-than-expected in February, tumbling to a record low, official data showed on Wednesday.
In a report, the U.S. Census Bureau said new home sales plunged by 16.9% to a seasonally adjusted 250,000 units in February, down from 301,000 units in January, whose figure was revised up from 284,000 units.
Analysts had expected the number of new home sales to fall to 288,000 units in February.
The previous record low was recorded in August of 2010, when new home sales totaled 274,000 units.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD slumping 0.58% to hit 1.4113.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average dipped 0.22%; the S&P 500 index fell 0.59%, while the Nasdaq Composite index dropped 0.61%.
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