Market update: New home sales rise 0.7% in October

This morning’s Commerce Department report showed that new home sales in October rose 0.7% to a seasonally-adjusted annual rate of 458,000. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The slight rise in new home sales in October is somewhat disappointing, as it is more of the same of what we’ve seen throughout 2014 – tepid growth in housing constrained by a slowly recovering economy.”

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