Market Update: August new home sales recovered from a dip in July

This morning’s new home sales report showed a 7.9% boost sales of newly built homes. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“August’s stronger new home sales number will ease some of the concern that rising mortgage rates are putting a wet blanket on the housing recovery. Pent up demand from July, along with stabilizing interest rates, should continue to drive a healthy housing recovery.”

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