Market update: November’s existing home sales fell 6.1%

November’s existing home sales fell 6.1 percent from the month prior, to a seasonally adjusted rate of 4.93 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“While the headlines often point to first-time buyers’ reluctance to enter the market as a catalyst to the sluggish housing recovery, today’s report shows inventory needs to climb before it can support more interested buyers. As homeowners gain trust in the economy, they will be more comfortable leaving their current mortgage and entering the market, thus driving up inventory to support further demand.”

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