Market update: Existing home sales rise at fastest pace since 2007

Existing home sales were up 1.8 percent in May to a seasonally adjusted annual rate of 5.53 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Demand is as strong as it’s been in years, despite first-time buyers representing a smaller share of purchases than we traditionally see. Many programs designed to help first-time buyers enter the market are currently available, but this group continues to be held back by existing debt and also decreased affordability, which has been largely driven by the market’s lack of inventory.”

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