Market Update: November new home sales fall slightly

Sales of new single-family homes declined just 2.1% last month from October’s upwardly revised annual rate. Quicken Loans vice president Bill Banfield offers the following comments on the report.

“The slight drop of new home sales in November from the month prior is no cause for alarm as the market remains near a five-year high in sales.  Homebuyers took a momentary pause when interest rates increased earlier this year and as rates fell thru October they are returning to take advantage of the market.”

If you would like to talk to Bill about this topic or the current state of the housing market please contact us.