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Fueled by low mortgage rates, pent-up demand, and Americans working from home seeking larger quarters, new home sales shattered predictions and drove up the median sales price 5.3% to $346k from a year earlier, marking the highest for any January on record. Government data showed a 4.3% increase in new home purchases in January to a total beating the forecasted 856k with a 3-month high of 923k units. The data released Wednesday suggests the trend can continue in the months ahead, according to industry analysts.
By Milan Sime Martinic