US new home sales rise 1.5% in January

New home sales rose 1.5% month-on-month in January, according to the Census Bureau, hitting a seasonally adjusted annualised rate of 661,000 and falling short of market expectations for a reading of 680,000.

However, last month's reading still marked a second consecutive monthly increase in sales, in line with mortgage rates dropping during the first month of 2024.

Sales soared in the Northeast and the West, while growth was at a slower pace in the Midwest and sales slumped in the South. The median price of new houses sold came to $420,700, while the average sales price was $534,400.

Reporting by Iain Gilbert at Shareccast.com