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Key Points
- Following the continued decline in existing home sales, new home sales were expected to drop notably in December (after two months of surprising improvements).
- After rising 8.2% and 5.8% MoM respectively in the last two months (as mortgage rates dipped and homebuilder incentives soared), new home sales surprised once again – rising 2.3% MoM (dramatically better than the 4.4% decline expected).
