India, March 25 -- After reporting a sharp pullback by new home sales in the U.S. in the previous month, the Commerce Department released a report on Tuesday showing new home sales rebounded by less than expected in the month of February.
The Commerce Department said new home sales jumped by 1.8 percent to an annual rate of 676,000 in February after plunging by 6.9 percent to a revised rate of 664,000 in January.
Economists had expected new home sales to surge by 3.5 percent to an annual rate of 680,000 from the 657,000 originally reported for the previous month.
The rebound by new home sales partly reflected a sharp increase by new home sales in the Midwest, which skyrocketed by 20.6 percent.
New home sales in the South also spiked by ...