Market Update: New home sales fall 6.8% in June

Today’s U.S. Census Bureau report showed that new home sales in June fell 6.8% to a seasonally-adjusted annual rate of 482,000. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“There’s not a lot of room to breathe on the supply-side right now, causing a bit of sticker shock for buyers who traditionally have the strongest presence this time of year. When you step back, this report is an odd man out from the positive indicators we’ve seen in housing and the economy overall.”

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