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Story summary
- Sales of new U.S. single-family homes fell 17.6% in January to an annualized rate of 587,000 units, the lowest since October 2022.
- The decline exceeded economists' expectations of 720,000 units.
- Harsh winter weather hindered buyer activity, contributing to a 9.7-month supply of homes for sale, up from eight months in December.
- The median new home price fell 6.8% year-over-year to $400,500, and builders cut prices in March.
