Housing Market, Sales | featured news

Sales of new homes fell in February after climbing to the highest level in more than four years in January. Sales of new homes dropped to a seasonally adjusted annual rate of 411,000 in February, the Commerce Department reported Tuesday. That is a decline of 4.6 percent from the January level of 431,000, which had been the strongest sales pace since September 2008.

U.S. retailers are posting moderate sales for February, dealing with mixed signals like payroll-tax increases and later income-tax refunds that were countered by a rousing stock market and better housing reports.

The US economy registers surprisingly strong consumer confidence and new home sales data, suggesting the recovery is gathering steam.