Getting your player ready...
Purchases of new homes climbed in February for the fourth time in the past five months as demand snapped back in the western U.S.
Sales increased 2 percent to a 512,000 annualized pace following a 502,000 rate in January that was stronger than previously reported, Commerce Department figures showed Wednesday. Demand is in line with last year’s pace, indicating residential construction will remain a source of support for the economy.
The increase in February was entirely due to a 38.5 percent surge in the West, the biggest gain since December 2010. Sales in that region had dropped 32.7 percent a month earlier.
Purchases last month declined in the other three U.S. regions, with the biggest retreats coming in the Midwest and Northeast.
