Sales of new single-family homes dropped 2.8% to a 588,000 seasonally adjusted annual rate in January, according to data released by the Commerce Department yesterday.

The January figure came after an upwardly revised 605,000 rate in December, a 4.0% drop, originally reported as a 4.7% decrease to 604,000. IFR Markets’ poll of economists had predicted a 600,000 sales level for January.

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