Market update: New home sales rise 2.2%

Today’s U.S. Census Bureau report showed that new home sales in May rose 2.2% to a seasonally-adjusted annual rate of 546,000, the fastest pace in more than seven years. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“While we have yet to see whether the recent momentum in housing will sustain, there’s no doubt that we’re in a healthier and more robust market where consumers stand to benefit. With inventory slipping a bit, expect to see home construction pick up the slack in the coming months.”

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