FX.co ★ U.S. New Home Sales Unexpectedly Dip 0.3% In February

The U.S. Commerce Department reported an unexpected decrease in new home sales for the month of February. The data highlighted a 0.3% drop to an annual rate of 662,000, following a 1.7% increase to a revised rate of 664,000 in January. This came as a surprise to economists who had forecasted a 2.9% surge to a rate of 680,000 from 661,000, as was originally reported for the previous month. Despite this monthly setback, the report noted that February's new home sales still demonstrated a 5.9% increase when compared to the same period from the previous year.