Market Update: Existing Home Sales Rise 0.6% in April

The sales of previously owned homes rose in April by 0.6%, continuing the steady rise in home sales that has been in place since the middle of 2010. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

 “The powerful combination of all-time low mortgage rates and home prices that were significantly reduced after the housing crisis is fueling demand. It’s quite likely that we will look back on this period as being among the best times in history to purchase a home. As the economy continues to firm, the likelihood that interest rates will rise increases and home prices will continue their upward climb as well.”

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Existing Home Sales