in September, a 12.3 percent rise over the August pace and a jaw-dropping 33.9 percent increase from a year ago. Economists had been expecting a milder increase of around 10,000 homes to a pace of 685,000.New home sales have been on the rise for nearly a yearEconomists keep expecting that higher interest rates and higher prices will weigh down sales.To get an understanding of just how high home sales levels are right now, it’s helpful to look back beyond the pandemic.
New home sales appear to have bottomed in the middle of 2022. That should cause Fed officials to question whether they are right to assume that the effects of earlier monetary policy really are still working their way through the economy.
“We don’t comment on fiscal policy,” Fed Chair Jerome Powell told a questioner after a speech last week. “We know that we’re on an unsustainable path fiscally.”to “use the great fiscal power of the United States to do what we can to support the economy.” Fed chairman Alan Greenspan more or less endorsed the economic policies put forth by the newly elected President Bill Clinton
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