New-home sales in the US unexpectedly fell in February for the first time in three months, suggesting an uneven recovery for the housing market.
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Despite the drop in February, the US housing market has shown signs of a sustained comeback as mortgage rates stabilize around 7% and builders offer various incentives amid a limited listings of previously owned properties. The Commerce Department’s report also showed the median sales price of a new house decreased 7.6% from a year ago to $400,500 in February. The supply of new homes rose to 463,000 during the month, the highest since October 2022.
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