US January new home sales 670K vs 620K expected | Forexlive

• Prior was 616K
• Home sales change +7.2% vs +2.3% m/m prior (prior revised to +7.2%)

This is more good news for the US dollar and a big beat. With mortgage rates jumping back up in February and potentially hitting 6%, that’s put a rapid cooling back into housing, or at least the potential for one. My take from all the volatility is that there is a great deal of pent up demand but it’s being held back by rates. If/when rates do come down (2024?) the housing market will boom and the longer it takes, the more pent up demand there will be.