Sales of New Homes Up 3.1% in February

Despite higher interest rates and declining consumer confidence, sales of new homes edged up 3.1% in February from steep declines in the previous two months, according to Commerce Department figures released Wednesday.

The department said new single-family homes were sold at a seasonally adjusted annual rate of 607,000 units in February after plummeting 6.8% in January and a revised 8.0% in December.

NEW HOME SALES

Seasonally adjusted annual rate, thousands of units

Feb.,’90: 607. Jan.,’89: 589. Feb.,’89: 623.