Market update: Existing home sales increase 1.3%, inventory increases

  • May 22, 2014

The National Association of Realtors reported a 1.3% increase in existing home sales in April, with months’ supply increasing to 5.9 months, the highest level since August 2012. Quicken Loans Vice President Bill Banfield offers the following comments.

“The spring housing market may be a little late to bloom but the increase in sales is welcome news showing increased confidence in the economy. The biggest story to come out of this report is the boost in home inventory, which has been one of the key issues holding back both buyers and sellers in the first part of this year.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.

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