A favored Fed report showed a slow-but-steady monthly inflation drop until this week. The Commerce Dept. reported a 0.6% Dec.-Jan. rise, up from 0.2% Nov.-Dec.

Commercial investors feel greater pressure to find off-market deals that often offer greater profits in the shadow of property value resets and higher interest rates.

The main reason: Inventory. Many buyers are still willing and able to purchase a home at today’s higher interest rates, but fewer sellers are opting to list.

Overall, Jan. new-home sales rose 7.2%, but the South’s 17.1% carried the three other areas that saw a decline. The Northeast saw the biggest drop at 19.4%.