Market update: Existing home sales drop 4.9% in January

January’s existing home sales fell 4.9 percent in January. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“January’s drop in existing home sales is a bit concerning. Economic indicators and stubbornly-low interest rates would lead most to expect improvement, yet recent housing reports have indicated the opposite. Inventory is a number I’ll be watching in the coming months as it has the power to help existing sales bounce back.”

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