U.S. new home sales hit nine-month low

Sales of new single-family homes in the U.S. tumbled 18.2 percent in February, according to the U.S. Commerce Department, hitting a seasonally adjusted annual rate of 775,000 units. That represented a nine-month low for the indicator, pulled down by cold weather and high lumber and mortgage costs. Economists polled by Reuters expected a 6.5 percent decline to a pace of 875,000 units. On a year-over-year basis, new home sales were up 8.2 percent in February.