U.S. home sales hit 10-month high

Sales of new U.S. homes rose by 7.2 percent to an annualized pace of 670,000 units in January, according to U.S. Commerce Department data. That was the highest level since March 2022. At the same time, December’s preliminary estimate of 616,000 units was revised upward to 625,000 units. On a year-over-year basis, sales were down 19.4 percent.