The seasonally adjusted annual pace of new single-family home sales in the U.S. dropped to 440,000 in February, down 3.3 percent from the 455,000 pace as measured in January and 1.1 percent lower on a year-over-year basis. The pace of new single-family home sales as measured in February peaked at 1,319,000 in 2005.

At the same time, the inventory of new single-family homes for sale in the U.S. is up 24.3 percent, year-over-year.

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