NEW HOME SALES ARE HIGHEST IN 10 MONTHS

Sales of new single family homes in December rose to their highest level in 10 months as buyers snapped up cheaper homes in anticipation of higher interest rates. The increase put the seasonally adjusted annual sales pace to 811,000 for the month, according to the Commerce Department, an 11.9% increase over November’s figure, which was revised down to 725,000 from 744,000. Including December’s big increase, sales for 2021 fell 14% from the red-hot 2020.