New Home Sales Plunge 16.6% in Biggest Drop Since ’94

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New home sales fell in January by 16.6%, the biggest drop since 1994, the Commerce Department said Wednesday.The plunge to an annual rate of 937,000 was below all economists’ estimates, Bloomberg reported. The pace was the slowest in four years. 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.New home sales account for about 15% of residential real estate sales.