U.S. New Home Sales Pull Back Off Nearly Thirteen-Year High In February

After reporting a jump in U.S. new home sales in the previous month, the Commerce Department released a report on Tuesday showing home sales pulled back sharply in the month of February. The Commerce Department said new home sales tumbled by 4.4 percent to an annual rate of 765,000 in February after spiking by 10.5 percent to an upwardly revised rate of 800,000 in January.