New home sales jumped 18% in August to a seasonally-adjusted annual rate of 504,000. Quicken Loans Vice President Bill Banfield offers the following comments on the report.
“While this report is prone to some volatility and revisions, it’s promising to see new home sales finally begin to catch up with homebuilder sentiment, which is at its highest level in almost a decade. Growth in new home sales is largely driven by a strengthening economy; this boost suggests more families are entering the market looking for new homes, instead of opting for more affordable existing units.”
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