New home sales in U.S. hit three-month high

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USCensus/Fordaq
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Sales of new U.S. homes rose in January by more than forecast to a three-month high as buyers took advantage of attractive mortgage rates that are now starting to increase.

Purchases of new single-family homes increased 4.3% to a 923,000 annualized pace in January from an upwardly revised 885,000 rate in the prior month, government data showed Wednesday. The median forecast called for an 856,000 pace.

The median sales price rose 5.3% to $346,400 from a year earlier, the highest for any January on record.

Historically-low mortgage rates helped fuel a housing boom last year when many Americans sought more space, with homes serving as offices and classrooms during the pandemic. The demand surge has left inventories lean and driven up prices, threatening to cool momentum just as borrowing costs begin to ratchet higher.

At the same time, builder backlogs remain elevated and indicate residential construction will stay firm in coming months and contribute to economic growth.

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