U.S. new home sales fell to a seasonally adjusted, annualized pace of 590,000 in February 2008 -- a 13-year low, the U.S. Commerce Department announced Wednesday (click here for the pdf).
Economists surveyed by Bloomberg News had expected February 2008 new home sales to register a 575,000 annualized rate.
Sales have now declined for four consecutive months, and are down about 30% in the last 12 months.
Meanwhile, January 2008 sales were revised up slightly, to 601,000 from the earlier released 588,000.
The number of homes on the market declined 2.1% to 471,000, the lowest level since July 2005. Also, the median sales price fell 2.7% in February 2008 to $244,100.
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