Market Update: Existing Home Sales Increase in December

Existing Home Sales report showed a 3.6% increase in home sales, to a seasonally adjusted rate of 5.54 million.

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

“Low interest rates in 2019 helped buyers make the leap to purchase more existing homes. While December’s jump in home construction is positive as well, it will not sufficiently meet the demand likely to occur in 2020.  This will continue to push prices upwards, stretching first-time buyers – who make up nearly a third of the market.”

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