Market update: New home sales fall 1.6% in November

This morning’s Commerce Department report showed that new home sales in November fell 1.6% to a seasonally-adjusted annual rate of 438,000. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“While new home sales still haven’t reached the levels we’d like, I would not put too much weight into last month’s slight drop. A healthy supply of new homes and a strengthening economy should give everyone a positive outlook going into 2015.”

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