Market update: New home sales leap forward in April

This morning’s U.S. Census Bureau report showed that new home sales in April jumped 16.6% to a seasonally-adjusted annual rate of 619,000 units. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The spring home buying season is in full swing as builders have been picking up steam through the first quarter. While the large jump in new home sales is encouraging, I would look for a normalization in the coming months that shows a slow but steady increase in the health of the housing market.”

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