October’s Existing Home Sales report showed a 4.3% monthly increase, bringing the year-over-year growth to a staggering 26.6%.
Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:
“It is clear there is intense demand for housing as shown by the continuous growth in home sales. We are still dealing with a pervasive inventory shortage, but the hopes are a remedy – like heightened construction or increased listings – will ensure the spring homebuying season is strong.”
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