Sales of new homes tick up in January

Sales of newly built homes dragged down by weakness in the South

The numbers: Sales of newly built homes in the U.S. inched up in January, even as mortgage rates rose.

The pace fell short of expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in January. But with mortgage rates rising over 7%, that could dampen home-buying demand, and some of that could already be showing up in the January figure.

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