This morning’s existing home sales report showed a 0.6% drop in March home sales from the month prior. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:
“Today, April’s showers doused the hot housing market. This was not entirely unexpected, as housing inventories are lagging far behind demand. While this scenario is good for home values, it also has a detrimental effect on sales as consumers need choices when shopping for a home.”
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