Market Update: New home sales up 8.3%

This morning’s new home sales report showed an 8.3% rise in sales, the highest level in more than five years. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

Continuing the trend that began in 2011, new home sales rose again in June. The recent increase in mortgage rates hasn’t slowed demand as long as home affordability remains high. We are, however, seeing an increased urgency from potential new home buyers as they move to secure today’s historically low rates.”

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