Market Update: Existing Homes Sales Slip in February

The Existing Home Sales Report showed home resales fell 3.7% in February, to a seasonally adjusted annual rate of 5.48 million. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Despite a monthly drop, existing sales remain above last year’s levels, due to a continually strengthening labor market and pent-up demand from both entry-level and trade-up buyers. Consumer confidence in the economy is also very high, which is a critical psychological element to consider as millennials continue to enter their prime homebuying years.”

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