The Case-Shiller report showed a 4.7% increase in home prices annually in April.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Home prices were well supported in April thanks to low interest rates and a lack of choices in what to buy. Pent up demand from those anxious to shop for a new home while stuck in theirs should continue this momentum as shown by the surge in purchase mortgage applications in recent weeks.”
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