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Crude oil prices surged to a 7-year high due to strong global demand and tight supply. Tensions in the Middle East and Russia added to the concerns.

The housing market and larger economy are expected to enter a "new normal" in 2022 as the unprecedented market disturbances subside.

Last week's initial jobless claims totaled 286,000, well above the 225,000 estimate. Continuing claims also rose to 1.64 million.

Builders in the single-family housing market are facing growing expenses, which is causing a turnaround in sentiment to start the year.

Housing starts increased to a 9-month high in December amid a surge in multi-family housing projects, despite soaring materials prices.

Existing home sales tumbled in December as higher prices and record low inventory continued to shut out some first-time buyers.