Market update: Existing home sales rise 1.2 percent in February

U.S. home resales fell short of expectations in February, rising 1.2 percent. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“Inventory remains as the weak link in the chain, driving home prices higher and restricting the growth of existing home sales. The next couple months are some of the most critical of the entire year for housing and sluggish numbers may continue if inventory doesn’t increase; either through new home construction or by more existing owners listing their homes.”

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