Market Update: Existing Home Sales Rose in October

Existing Home Sales report showed a 1.9% rise in home sales, to a seasonally adjusted rate of 5.46 million.

Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:

“After a one-month stutter in home sales, it turns out the housing market is keeping warm before entering the winter months. With demand high, thanks to solid economic gains and historically low interest rates, more buyers are willing to duke it out to purchase a home in this highly competitive housing market.”

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