Market Update: New home sales rise by 1.5% in March

This morning’s new home sales report showed a 1.5% rise in March from the month prior. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Since 2010, new home sales have been rising at a slow, but steady pace.  A combination of pent-up demand for housing, historically low interest rates and attractive home prices are driving, and will continue to drive, this trend.”

The two graphs below illustrate the steady rise in home prices over the last few years.

If you would like to talk to Bob in greater detail, please contact us.

New Home Sales 2010 – Current

home sales

New Home Sales 2006 – Current