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Story summary
- New U.S. single-family home sales fell 17.6% in January to a 587,000 SAAR, the lowest since October 2022.
- The decline was due to harsh winter weather and rising mortgage rates driven by geopolitical tensions.
- The median sales price dropped 4.5% to $400,500, the first monthly decrease in three months.
- Inventories rose to 476,000 units, indicating a 9.7-month supply at pace as builders offer incentives to attract buyers.
