Market Update: Existing home sales rise 0.7 percent in November

The Existing Home Sales Report showed home resales increased 0.7% in November, to a seasonally adjusted annual rate of 5.61 million. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Sales continue to grind upward, buoyed by a healthier job outlook that has led consumers to get off the fence and buy the home of their dreams. However, this increase in demand has continued to constrain a market that is already experiencing a shortage of inventory, and rising prices as a result.”

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