Market update: new home sales rise 9.6% in January

Sales of new single-family homes showed a 9.6% increase in January, posting the highest numbers since July 2008. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“January’s jump in new home sales was a surprise to many, as forecasters predicted this number to slump again this month.  It’s possible the polar vortex turned into a data vortex as we all try to make sense of the numbers, including tight inventory numbers which may continue to support price gains.”

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