Market Update: Existing home sales decline 3.2 percent in July

The Existing Home Sales Report showed home resales decreased 3.2% in July, falling 1.6% from the previous July. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“July’s existing home sales report is yet another telling sign that inventory is holding back overall progress in the housing market. Yesterday’s new home sales data pointed to the root problem being addressed, as production ramped up and median sale price dropped, a strong indicator that builders are placing an increased focus on affordable homes.”

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