Having dropped a downwardly revised 8.4 percent in January, the seasonally adjusted pace of new single-family home sales in the U.S. ticked down another 2.0 percent in February to an annualized rate of 772,000 sales.  As such, the current pace of sales is 6.2 percent lower than at the same time last year despite a marked increase in inventory, which shouldn’t catch any plugged-in readers by surprise.

And with the number of new homes delivered last month having outpaced sales, there are now 407,000 new homes on the market which is 33 percent more than at the same time last year and the most new homes on the market since August of 2008 while mortgage application volumes to purchase said homes continues to tick down and mortgage rates have spiked.

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