|Market Consensus Before Announcement
In turn, months’ supply came down to 6.9 from 8.4 months in November.
The buyer rush likely was tied to December’s jump in mortgage rates which
encouraged potential homebuyers to quit sitting on the fence and commit to
a purchase. The spurt in sales resulted in the median sales price to jump
12 percent to $241,500. However, sales in the low end price range may have
been damped by recent court rulings on robo-signings of foreclosure documents.
committed sale during the month. The level of new home sales indicates
housing market trends and, in turn, economic momentum and consumer
purchases of furniture and appliances.
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