Market update: Existing home sales decline 7.1% in February

February’s existing home sales report showed a 7.1% decline in February. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“February’s existing home sales report may be offering a look from the rear view mirror of a road that is changing. Looking forward, rates have dropped in 2016, which helps overall affordability, and purchase activity has been stronger than the prior year. However, the lack of supply will continue to constrain sales and may push prices up faster than buyers will like.”

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