New Home Sales Drop in February

 4.4% drop due to the end of winter and COVID-19.

The Commerce Department released the nation’s housing numbers on Tuesday, revealing the beginning of the effects of COVID-19 on the country. The sales of new homes dropped by 4.4% in February with a seasonally adjusted rate of 765,000 homes sold. It is expected that sales will continue to dwindle in the coming months. 

The median sale price was $345,900 up from $325,900 in January – growth of 6.3%. This increase indicates that lower-income households are less likely to purchase at the moment. According to National Economic Council Director Larry Kudlow said that economic growth was “going to be rough” in the next few months due to the slowdown created by COVID-19.

As the Lord Leads, Pray with Us…

  • For the Commerce Department to effectively measure the health of the U.S. economy.
  • For NEC Director Kudlow to be led by God to lead the nation to economic recovery.
  • That all Americans would be protected from COVID-19.

Sources: AP


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