Market Update: September existing home sales report showed a slight drop of 1.9%

This morning’s existing home sales report showed a slight drop of 1.9%. Quicken Loans Economist Bill Banfield offers the following comments on the report:

“It’s not surprising that we saw some easing in the existing home sales market. Home prices have been rebounding from their lows and mortgage rates were rising during the summer. Both of those things impact affordability as we lead into the traditionally slower selling season. The good news is that home affordability remains strong and the recent drop in mortgage rates may bode well for sales during the remainder of the year. Some caution should remain as regulatory changes scheduled to go into effect in January could impact both the higher and lower ends of the purchase market.”

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