Market Update: New Home Sales Fell In December

The New Home Sales Report showed that home sales fell 9.3 percent in December, to a seasonally-adjusted rate of 625,000 units – 55,000 below economists’ estimate. Quicken Loans Executive Vice President Bill Banfield offers the following comments on the report:

“Despite the dip in December’s new home sales, we can continue to feel confident that residential building will persist steadily, especially as we begin to approach the busy selling season. We can tip our hats to a strong jobs market, low mortgage rates and a jump in home-equity, for the strongest annual sales we’ve seen in a decade.”

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