Market Update: Existing Home Sales Sink in April

April’s Existing Home Sales report showed a 17.8% decrease in home sales, to a seasonally adjusted rate of 4.33 million.

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

“While April’s figures may seem bleak, there is a bright spot in all of this. We will likely see strong interest from homebuyers in June and July once they are able to leave their homes and go on tours of properties again. Home purchases may be even lower in May, but the housing market will rebound once we get through this difficult time.”

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