Sales of new US single-family homes dropped by the most in more than 6-1/2 years in March and further declines are likely as the novel coronavirus outbreak batters the economy and throws millions of Americans out of work.
The Commerce Department said on Thursday new home sales fell 15.4% to a seasonally adjusted annual rate of 627,000 units last month. The percentage decline was the largest since July 2013. February's sales pace was revised down to 741,000 units from the previously reported 765,000 units.
Economists polled by Reuters had forecast new home sales, which account for about 10% of housing market sales, plunging 15% to a pace of 645,000 units in March.
New home sales are drawn from permits and tend to be volatile on a month-to-month basis because of a small sample. Sales declined 9.5% from a year ago in March.
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