Market update: New home sales drop 11.4%

The U.S. Census Bureau report for March showed that new home sales in March dropped 11.4 % to a seasonally-adjusted annual rate of 481,000. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The trend is our friend when you take a step back and see that new home sales are up significantly compared to this time last year. We also saw supply increase which will help consumers as the spring home buying season kicks off.”

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