July New Home Sales Fall, Home Inventory Rises

This morning’s new home sales report fell 2.4 percent, however home inventory has increased 4.1 percent to 205,000 units, the highest since August 2010. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“After strong housing starts and existing home sales numbers, the disappointing New Home Sales report puts a damper on this positive month for the housing market. The silver lining appears to be the increase in home inventory, which has consistently held the market back.”

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