Market Update: Existing Home Sales Spike in July

July’s Existing Home Sales report showed a massive 25% increase in July, even after the largest monthly jump in June.

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

“This increase, after the largest month-over-month spike on record, clearly indicates consumers are now comfortable buying a home during the pandemic. As we move into the fall, we can expect continued growth due to the typical spring homebuying season being delayed due to the virus.”

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