New home sales in Australia decreased notably in February, the Housing Industry Association said on Thursday.
Total new home sales fell a seasonally adjusted 5.3 percent month-over-month in February.
Detached house sales dropped 3.9 percent over the month and the sale of multi-units plunged by 10.6 percent.
“This latest result is a larger than desirable fall,” said HIA Chief Economist, Dr Harley Dale. “HIA New Home Sales are losing some of their lustre as a downward trend becomes more firmly entrenched.”
“While the monthly result is a soft one, there is no need to loudly ring alarm bells as often seems to automatically occur every time an economic update disappoints.”
The material has been provided by InstaForex Company – www.instaforex.com