New numbers out show new home sales dropped 7-point-3 percent in December to an annual rate of 369-thousand. Sales had been at a 2-year-high according to the U-S government report.
Mortgage rates have also been on the rise. The 30-year fixed rate mortgage is now at a 4-month high ... though rates are still hovering near 40-year lows.
The supply of homes for sale also fell in December to its lowest level since May 2005 ... driving demand.