Pantheon Macroeconomics' Oliver Allen says it's "inexplicable" that new home sales would jump to their highest level in more than three years all of a sudden.

Sales of new homes in the US surge more than expected as builders offered their discounts to lure in buyers.

New-home sales in the US unexpectedly surged in August to the fastest pace since early 2022, likely lifted by builders’ rampant price cuts and sales incentives.