Market Update: New Home Sales Drop in January

This morning’s U.S. Census Bureau report showed that new home sales in January fell 9.2% to a seasonally-adjusted annual rate of 494,000 units. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The unusually large drop in sales in the Western region masks what has directionally been a steady improvement in the sales of new homes since 2010. Sales momentum may build if the lower interest rates, which we’re currently experiencing, last through the spring buying season.”

If you would like to speak to Bill about this or any other topic, please contact us.