Market Update: Existing Home Sales Drop 1.3% in July

Existing Homes Sales Report showed home sales fell 1.3 percent in July, to a seasonally adjusted rate of 5.44 million. Quicken Loans Executive Vice President Bill Banfield offers the following comment on the report:

“Though there has been steady economic growth and a strong demand for housing, we’ve seen a low inventory continuing to hold the market back. These trends coupled with low rates make the market much more competitive for consumers to purchase a home.”

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