Market Update: Existing home sales drop 1.2%

This morning’s NAR report showed that existing home sales dropped 1.2 percent in June. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Steady demand for housing continues to push home prices higher in today’s low inventory environment.  Mortgage rates have risen in the past month but are still historically very low.  Home affordability remains high and is a key component of the ongoing housing recovery.”

If you would like to talk to Bob in greater detail, please contact us.