It's essential to recognize that new home sales reports can be volatile, with significant swings often leading to revisions or one-time events affecting the figures.
The Southern states have seen the highest growth in existing inventory, showing that rising mortgage rates are influencing sales in that region significantly.
If we exclude the Southern states from the analysis, new home sales actually increased by 8% year over year, indicating a more stable market in other areas.
Despite an apparent decline in sales, there is an underlying steady upward trend from 2022 lows, suggesting resilience in the housing market's overall performance.
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