NEW YORK (AP) – Stocks fell sharply Monday after a surprise drop in new home sales for February triggered further concern that economic growth is slowing more than expected. The Dow Jones industrials at times showed losses of more than 100 points.

The Commerce Department reported that sales of new single-family homes fell by 3.9 percent last month to a seasonally adjusted annual rate of 848,000. It was the slowest sales pace in nearly seven years and dimmed hopes for a rebound in the troubled housing market.

Economists have been watching the housing industry for a hint about where the economy is heading. The disappointing data also comes amid continued concern about the subprime mortgage market, which has been slammed by an increase in delinquencies in recent months.

The data took a chunk out of last week’s 370 point gain on the Dow Jones industrial average, its best weekly performance in four years. The benchmark index fell 92.91, or 0.74 percent, to 12,388.80 in morning trading on Monday. The Dow fell by as much as 112 points.

Broader stock indicators also sank. The Standard & Poor’s 500 index fell 10.54, or 0.73, at 1,425.57, and the Nasdaq composite index dropped 16.26, or 0.66 percent, to 2,432.67.

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