Market Update: Existing Home Sales Slip in April

The Existing Home Sales Report showed home resales fell 2.3% in April, to a seasonally adjusted annual rate of 5.57 million. Quicken Loans executive vice president Bill Banfield offers the following comments on the report:

“The demand for housing remains hot across most of the country shown by rising prices and listings quickly coming off the market – leading to a shortage of available inventory. All this, coupled with relatively low rates, make it that much more important for consumers to be prepared to act fast. With first time homebuyers continuing to enter the market, digital mortgage options such as Rocket Mortgage, can provide an important competitive advantage for these buyers by reducing the time it takes to get a loan approved.”

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