Market Update: New home sales rise 6.1 percent in February

The New Home Sales Report showed that home sales rose 6.1% in February, to a seasonally-adjusted annual rate of 592,000 units and was 12.8% above last February’s level. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“This jump in new home sales is encouraging early in this cycle of slightly higher interest rates. The home sales increase can also help the housing market with its inventory problem. As current homeowners move on to newly built homes, it frees up availability of smaller starter homes for those looking to get their first taste of homeownership.”

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