Market Update: Existing Home Sales Climb for Second Month

Sales of existing homes in July rose 2% from June to a seasonally adjusted, annualized rate of 5.99 million units.

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

“The uptick in home sales is a sign that buyers were successful in their home search, despite the ongoing inventory crunch. The key to a normalized market is getting construction back to historic levels, providing ample supply for move up buyers and, in turn, opening possibilities for those at an entry level.”

If you would like to speak to Bill about this or any other topic, please contact us.