Market update: New home sales show sharp decline in March

This morning’s new home sales report showed a 14.5% drop month over month. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The sharp decline in March’s new home sales is further evidence that winter weather is not the catalyst for the sluggish housing data the past few months. The rise in interest rates and prices of new homes is leaving some potential buyers with sticker shock and ultimately prolonging their home search process.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.