Market Update: Existing Home Sales Rise 1.7% to 6 1/2 Year High

This morning’s existing home sales report showed a 1.7% rise in sales of previously owned homes in August, reaching its highest level in 6 1/2 years. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Many thought the recent uptick in mortgage rates was discouraging potential home buyers; yet the numbers aren’t supporting that thesis.  Borrowing costs remain historically low and will continue to fuel demand for housing.  Increasing interest rates motivated many consumers to take action. That urgency is reflected in today’s strong report.”

If you would like to talk to Bob about this topic or the current state of the housing market please contact us.