New Home Sales Rise in Latest Report
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The U.S. Census Bureau and the Department of Housing and Urban Development today announced that sales of new, single-family homes rose in the month of February, increasing 4.7 percent from January’s numbers.
“New home sales rebounded nicely following January’s report of record-low activity. The number of existing homes on the market at astonishing prices has led many builders to scale back on construction while they focus on selling current new home inventory, primarily by dropping prices and offering other incentives to attract buyers,” said Bob Walters, chief economist for Quicken Loans.
“These factors, combined with very favorable interest rates and the new $8,000 new home buyer tax credit, seem to be working in builders’ favor.”
feeds.quickenloans.com
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