Pursuits
U.S. New-Home Sales Climbed to a Seven-Month High in February
A home for sale in St. Clair Shores, Michigan, on March 18, 2017.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Purchases of new homes increased in February to a seven-month high, indicating the effects of the recent rise in borrowing costs on the U.S. residential real estate market have been modest.
Sales rose 6.1 percent to a 592,000 annualized pace, Commerce Department data showed Thursday. The median forecast in a Bloomberg survey called for a 564,000 rate. Warmer winter weather probably played a role in boosting demand as purchases in the Midwest surged by the most since October 2012.