Market Update: Existing Home Sales Keep Climbing in August

August’s Existing Home Sales report showed a modest monthly increase of 2.4%, bringing the year-over-year growth to a staggering 10.5%.

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

“Today’s report is confirmation the housing market is a rare bright spot in our pandemic economy, especially when looking at the previous historic increases in June and July, as well as the massive year-over-year growth. During this period of heightened levels of unemployment, those who have job security are jumping at their opportunity to buy a home with mortgage rates near record lows, locking in that lower monthly payment for decades to come.”

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