Market update: Existing home sales rise for second straight month

The existing home sales report showed a 1.7% increase in April. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“April’s rise continues an upward trend in the rate of home purchases. Despite rising prices and a shortage of listings in the many markets, buyer demand continues to hold strong. The year-over-year growth is encouraging to see as further proof that the economy continues to gain steam.”

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