Market Update: Existing Home Sales drop 1.8% in August

The National Association of Realtors’ existing home sales report fell 1.8 percent, however all-cash home purchases by investors also fell to 12 percent of homes in August, down from 16 percent in July and 17 percent in August 2013. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“A drop in home sales is discouraging as economists were expecting a meager increase to end the summer. The silver lining in this report is the drop in all-cash investor activity. The hope going forward is the opportunity for families to have less competition with investors leaving them with more buying power when they look to put down their roots.”

If you would like to speak to Bill about this or any other topic, please contact us.