Market Update: Existing home sales up 4.2% in May

The sales of previously owned homes rose 4.2% in May to their highest level in 3.5 years. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Home affordability has been very high for a number of years now, thanks to depressed home prices and interest rates at generational lows.  But, without consumer confidence, those affordability numbers didn’t translate into home sales.  That confidence is now surging and it is being reflected in home sales and home prices.”

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