May’s Existing Home Sales report showed a 9.7% decrease in home sales, to a seasonally adjusted rate of 3.91 million.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Consumers were hesitant to venture out and look for a new home in May, even as stay at home orders were being lifted. It seems the housing market needed more time to recover, while eager buyers waited to regain confidence in the safety of the real estate process and the wellbeing of the economy as a whole. Although May’s decrease seems bleak, there is hope on the horizon shown by rapidly increasing purchase mortgage applications in recent weeks.”
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