Market update: existing home sales grow 4.9% in May

Sales of existing homes grew 4.9% in May to a seasonally adjusted annual rate of 4.89 million, rising for the second month in a row. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The increase in home resales is welcome news to all watching the housing market. The 2014 selling season may have started off slow, but the desire to buy is still alive. Growing home inventories and the drop in interest rates have encouraged potential buyers and I foresee this trend to continue as long as the employment picture continues to improve.”  

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