Sales of new single-family homes dropped 1.8% to a 590,000 seasonally adjusted annual rate in January, according to data released by the Commerce Department yesterday.

The February figure came after an upwardly revised 601,000 rate in January, a 1.8% drop, originally reported as a 2.8% decrease to 588,000. IFR Markets’ poll of economists had predicted a 575,000 sales level for February.

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