Market Update: Existing home sales rise 3.2 percent in September

  • October 20, 2016

The Existing Home Sales Report showed home resales increased 3.2% in September, to a seasonally adjusted annual rate of 5.47 million. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“This is a welcomed rise in sales of previously-owned homes. As we continue to deal with high demand and a crunch on inventory, it’s especially encouraging to see first-time homebuyers accounting for 34% of all transactions. This coupled with affordable mortgage rates and steady job growth is a good boost of momentum as we continue towards the rest of the year and into the spring.”

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

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