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WASHINGTON - Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low as the steep slump in housing continued.
The Commerce Department reported Wednesday that new home sales dropped 1.8 percent last month to a seasonally adjusted annual rate of 590,000 units, the slowest sales pace since February 1995. The decline was slightly worse than expected.
The median price of a home sold last month dropped to $244,100, down 2.7 percent from the level of a year ago.
The prolonged slump in housing has dragged down overall economic activity. Many analysts believe the slump could combine with a multitude of other problems including a severe credit crunch, soaring energy prices and plunging consumer confidence, to push the country into a full-blown recession.
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