The U.S. economy expanded at a 6.9% annualized rate in the final three months of 2021, triple the pace of the prior quarter, as Covid-19 infections spiked to record highs.
The Fed issued an addendum to its traditionally sparse statement that outlined how it plans to reduce its record $8.4 trillion portfolio of Treasuries and mortgage bonds.
Builders sold 811,000 houses at an annualized and seasonally adjusted pace, the highest reading since March, the Commerce Department said in a report.
Phoenix led the 20-city index, as it has for more than two years, posting a 32.2% annualized advance in November, according to S&P Dow Jones Indices data.
Today's red-hot pace of inflation likely will cool to about 2% by 2022’s end, about a third of its current rate, according to Treasury Secretary Janet Yellen.
Home sales weakened last month as the number of available properties dropped to the lowest ever recorded, NAR said.
Builders broke ground on 1.6 million homes in 2021, a 16% jump from a year earlier and the most since 2006, according to a government report.
The retreat in affordability came as the median U.S. home price rose to $353,900 in November, the highest ever recorded for the month.
Homebuilders' confidence declined in January, reversing four months of gains, as construction companies grappled with shortages of workers and materials.
Consumer confidence fell this month to nearly a 10-year low as Americans on tight budgets struggled with inflation.
