The sales of previously owned homes rose to 5.39 million units in July, their highest level in three years. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Home sales have been increasingly robust since the dark days of 2009 and 2010.  The powerful combination of historically low mortgage rates, revamped home prices and unleashed pent up demand are behind the steady increase.  Additionally, the recent rise in interest rates has created a sense of urgency in many buyers as they look to capitalize on today’s rates before they move higher.”

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