Market update: existing home sales climb 2.4% in September

NAR reported that existing home sales climbed 2.4 percent in September. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“While fluctuations in interest rates rarely dictate the decision to purchase a home, it can definitely spark interest and influence when a buyer starts aggressively searching. Anyone who loosely follows the housing market likely read the headlines about plummeting rates last week; this can give a boost to existing sales in the coming months, even if these levels are short-lived.”

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