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New US Home Sales Soar As Prices Plunge Most Ever
New US home sales surged in January and supply shrank, according to volatile data released on Friday.
The 670,000 annual rate reported by the Commerce Department outstripped the highest estimate from five-dozen economists. The range was 340,000 to 664,000.
It marked the briskest pace since March, and ostensibly suggested a combination of builder incentives and lower rates helped lure buyers back to what remains a very forbidding market. That said, the gain was entirely attributable to the Sout
I wonder if this reflects cash buyers as well as mortgage rates. Bloomberg has some numbers here https://www.bloomberg.com/news/articles/2023-02-28/cash-home-sales-in-us-at-highest-in-almost-a-decade