Market update: New home sales fall 6% in May

This morning’s New Home Sales Report for May reported sales of newly built homes dipped 6 percent from the level in April, but rose 8.7 percent since May 2015. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“While the headline story may be a dip in sales of newly built homes following last month’s spike, the big picture is the continued year-over-year sales growth – surging past last year’s pace. This annual increase, partnered with a meaningful rise in home resales, points to a growing economy and a strong demand for homeownership.”

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