Market Update: Existing Home Sales Fall in January

This morning’s existing home sales report showed a 5.1 percent drop in January. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“January existing home sales left much to be desired, but don’t blame it on the weather. Low home inventories in various parts of the country don’t give buyers as many options as they would like right now, causing some to wait until their dream home comes along. But consumers that have found the home of their dreams are finding this a great time to buy thanks to improving interest rates that will help buffer the increasing home prices.”

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