Market Update: Existing home sales rise 3.2 percent in September

The Existing Home Sales Report showed home resales increased 3.2% in September, to a seasonally adjusted annual rate of 5.47 million. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“This is a welcomed rise in sales of previously-owned homes. As we continue to deal with high demand and a crunch on inventory, it’s especially encouraging to see first-time homebuyers accounting for 34% of all transactions. This coupled with affordable mortgage rates and steady job growth is a good boost of momentum as we continue towards the rest of the year and into the spring.”

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