New Home Sales Down, but Rates Still Good

Mortgage News from Quicken Loans

Sales of new one-family houses in June dropped 3.0 percent below the previous month's rate, according to a report the U.S. Census Bureau and the Department of Housing and Urban Development released jointly today. June new home sales were also 11.1 percent below June 2005 estimate.

"New home sales may have tapered from last year's white hot levels, but they are still historically strong thanks to low long-term rates and robust employment," said Bob Walters, chief economist for Quicken Loans. "The Fed seems to be signaling an end to short-term rate hikes, which would provide even more good news for home buyers and builders."

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New Home Sales Down, but Rates Still Good

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