Market update: Existing home sales rise 5.1% in May

NAR reported that existing home sales increased 5.1 percent in May, putting this year on track for be the best year for home sales since 2007. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The overall economy is improving, and consumers are becoming increasingly aware that low rates won’t be around forever. While this month’s report is encouraging for the housing market, bidding wars will continue to drive up prices if inventory doesn’t increase to a more healthy supply level in the coming months.”

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