Market update: existing home sales drop 3.3% in April

This morning’s National Association of Realtors (NAR) report showed that existing home sales in April dropped 3.3% to a seasonally-adjusted rate of 5.04 million. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“The shortage in inventory that’s pushing up prices continues to hold back any sustained momentum. However, it’s encouraging to see a more balanced market with more first-time buyers jumping-in compared to cash and distressed sales.”

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