Market Update: New Home Sales Continue to Climb

The New Home Sales Report showed that home sales rose 6.2% in October, to a seasonally-adjusted rate of 685,000 units – more than 100,000 units above last November’s level. Quicken Loans Executive Vice President Bill Banfield offers the following comments on the report:

“Especially given the increase in the number of properties sold in which construction hadn’t yet started, we should feel confident that residential building will accelerate in coming months. That said, the high average selling prices pose a hurdle for younger homebuyers entering the market for the first time. A stable job market and sustained low mortgage interest rates continue to increase property prices.”

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