Market Update: Existing Home Sales Jump to 11-year high

Existing Homes Sales Report showed home sales surged 5.6 percent in November, to a seasonally adjusted rate of 5.81 million. Quicken Loans Executive Vice President Bill Banfield offers the following comment on the report:

“If you’re looking to buy the home of your dreams, you better not stand still.  With continued strength in economic growth and jobs, the home buying market is hot.  Homes are often selling in under 30 days, pushing up prices and keeping options limited.  The competitive market may change if interest rates increase in 2018. For the time being, 2017 looks to be closing out as a banner year.”

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