Market Update: Existing Home Sales Keep Climbing in August

  • September 22, 2020

August’s Existing Home Sales report showed a modest monthly increase of 2.4%, bringing the year-over-year growth to a staggering 10.5%.

Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:

“Today’s report is confirmation the housing market is a rare bright spot in our pandemic economy, especially when looking at the previous historic increases in June and July, as well as the massive year-over-year growth. During this period of heightened levels of unemployment, those who have job security are jumping at their opportunity to buy a home with mortgage rates near record lows, locking in that lower monthly payment for decades to come.”

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

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