Market Update: Existing Home Sales Surge in June

June’s Existing Home Sales report showed a massive 20.7% increase in home sales, to a seasonally adjusted rate of 4.72 million.

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

“Sales were buoyed thanks to some of the lowest mortgage rates on record giving Americans increased buying power. Buyers are still catching up after missing out on the traditional spring purchase season which was delayed due to stay-at-home orders. As we continue into the summer months, expect increased competition for homes fueled by tight inventory and exceptionally high demand.”

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