Feast or Fluke? US Home Sales Hit Highest in Almost Four Years

The real estate market was a feast for buyers in August, according to Commerce Department data released Wednesday. New home sales rose a dramatic and unexpected 20.5% to a seasonally adjusted annualized rate of 800,000 units, the highest since January 2022 and leaving virtually every estimate in the dust. But, before anyone starts licking their lips, Wells Fargo analysts cautioned: “Take the gain with a huge grain of salt.” Economists noted that, without a sustained trend, the boom may simply be the outco ...