Market update: July’s existing home sales climb 2.4 percent

July’s existing home sales climbed 2.4 percent from the previous month, according to NAR. Quicken Loans Vice President Bill Banfield offers the following comment on the report.

“The numbers are showing up fashionably late for home buying season, but recent data suggests the housing market is recovering from the slump of early 2014. This marks the fourth-straight month of increases in existing sales, approaching levels we saw a year ago. Pair this with slowing but sustainable gains in home prices, historically low rates and inventory continually approaching an ideal supply level, and housing finally appears to be gaining solid footing.”

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