Market update: Existing home sales climb 2% in July

The pace of existing home sales climbed to their highest levels since 2007, rising 2% in July. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The pace of existing sales has continued at a very healthy pace throughout the summer months, which is encouraging given the inventory shortage in most regions of the country. The market needs more new homes to be built to continue the momentum, so the trade up buyers can find their next home and provide inventory for those looking to enter the home buying market.”

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