Market Update: Existing Homes Sales Slip in February

  • March 22, 2017

The Existing Home Sales Report showed home resales fell 3.7% in February, to a seasonally adjusted annual rate of 5.48 million. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Despite a monthly drop, existing sales remain above last year’s levels, due to a continually strengthening labor market and pent-up demand from both entry-level and trade-up buyers. Consumer confidence in the economy is also very high, which is a critical psychological element to consider as millennials continue to enter their prime homebuying years.”

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

Print Friendly, PDF & Email