Market update: Existing home sales jump 14.7% in December

The National Association of Realtors reported that sales of previously owned homes jumped 14.7 percent in December. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“The swelling number of first-time buyers in the market adds credence to the notion that demand by entry level buyers is really there. The chronically low inventory combined with this group’s renewed participation in the market may continue to push prices higher despite the volatility in the equity markets.”

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