Market Update: Existing Home Sales Fall in April

Existing Homes Sales Report showed home sales dropped 2.5 percent in April, to a seasonally adjusted rate of 5.460 million. Quicken Loans Executive Vice President Bill Banfield offers the following comment on the report:

“Lack of inventory continues to put a strain on the market, holding back home sales despite very high demand for housing amidst steady economic growth. Strong competition and rising home prices, are leaving eager first-time homebuyers on the outside looking in.”

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