Market Update: Existing Home Sales Dip in January

Existing Home Sales report showed a 1.3% dip 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:

“It doesn’t matter how low interest rates are, if there are limited choices of homes on the market sales will suffer and prices could keep going up. The constraints in housing may be aided by building new homes but there is such pent-up demand it is unlikely to get back into balance in the near future.”

If you would like to speak to Bill about this or any other topic, please contact us.