Market update: Existing home sales drop 4.9% in January February 23, 2015 January’s existing home sales fell 4.9 percent in January. Quicken Loans Vice President Bill Banfield offers the following comments on the report. “January’s drop in existing home sales is a bit concerning. Economic indicators and stubbornly-low interest rates would lead most to expect improvement, yet recent housing reports have indicated the opposite. Inventory is a number I’ll be watching in the coming months as it has the power to help existing sales bounce back.” If you would like to speak to Bill about this or any other topic, please contact us.