New Home Sales Fall Due to Low Mortgage Interest Rates and Low Prices of Existing Homes
The U.S. Census Bureau and the Department of Housing and Urban Development today announced that sales of new, single-family homes fell in the month of January, decreasing 10.2 percent from December’s numbers.
“Today’s new home sales report is reflective of what we saw yesterday on the existing home sales front. The silver lining is that homes are priced at affordable levels and long-term interest rates remain attractive,” said Bob Walters, chief economist for Quicken Loans.
“It will be interesting to see how new incentives such as the $8,000 first-time home buyer tax credit impact future sales.”
feeds.quickenloans.com
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