New Home Sales Decline in February

New home sales fell 1.6% in February, the second straight decline, the Commerce Department said Friday.

Sales decreased to an annual rate of 313,000 following a revised 318,000 rate in January that was lower than previously reported.

February’s rate was below economists’ median forecast of 325,000, Bloomberg reported.

The decline was led by a 7.2% drop in the South and a 2.4% decrease in the Midwest. Sales rose 14% in the Northeast and 8% in the West.

New home sales account for about 15% of residential real estate sales. Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.