Market update: existing home sales rise 1% in December

December’s existing sales report showed a 1% increase in December, pushing total sales in 2013 to a seven-year high. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“December’s existing home sales numbers close out what was a promising year for the housing market. We saw 2013’s total sales hit a seven-year high, albeit the slump in sales in the fourth quarter. Despite the frigid temperatures that hit most of the country, it bodes well for 2014 that sales warmed up for the first time in three months, well ahead of spring selling season.”

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