Market Update: New home sales drop 7.6 percent in July

This morning’s U.S. Census Bureau report showed that new home sales in August dipped 7.6% to a seasonally-adjusted annual rate of 609,000 units. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“It’s encouraging to see strong demand for newly constructed homes persist as we reach the tail-end of summer. While we’d always like to see a bit more inventory come into play, housing continues to be a bright spot in the overall economic picture.”

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