Market Update: Existing Home Sales Surge in February

February’s Existing Home Sales report showed a 6.5% increase in home sales, to a seasonally adjusted rate of 5.77 million.

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

“With homebuyer demand extremely high and mortgage interest rates historically low, it is no surprise there was an uptick in homebuying in February. We hope this momentum continues, but the COVID-19 outbreak we are currently experiencing will likely affect the housing market.  Luckily, we live in a modern time where homebuyers can seek digital options like online mortgages and virtual home tours. Hopefully buyers will utilize these tools to find a home they love, while staying healthy and safe.”

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