Market update: Existing home sales rise 6.1%

U.S. existing sales hit an 18-month high in March, rising 6.1 percent from the month prior. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“The jump in March’s existing sales beat expectations and is welcome news for those who have been waiting for the spring housing market to kick into gear. Purchase applications have been steadily increasing over the last month and rates remain low (for now) – both of which could be signals of continued momentum in the coming months.”

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