Market update: Existing home sales drop 0.4%

February’s existing home sales declined 0.4% to a seasonally adjusted rate of 4.6 million. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The drop in existing sales was largely influenced by the unforgiving weather but it’s not the silver bullet. Sales are being impacted by lower inventory levels, rising prices and interest rates. With improving weather conditions and a drop in interest rates in January, I expect to see more buyers and sellers taking advantage of the market in the coming months.”

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