Pending US home sales on the up

“Meaningful
gains
will
only
occur
with
declining
mortgage
rates
and
rising
inventory,”
he
said
in
comments
accompanying
NAR’s
release.

Pending
home
sales
climbed
3.4%
in
March.
The
Northeast,
South
and
West
posted
monthly
gains
in
transactions
while
the
Midwest
recorded
a
loss.

https://t.co/ly7bgfU16U

—
National
Association
of
REALTORS®
(@nardotrealtor)

April
25,
2024

The
uptick
arrived
despite
a
further
increase
in
the
contract
rate
on
a
30-year
fixed
mortgage
last
week.
The
Mortgage
Bankers
Association
(MBA)
said
that
rate
increased
to
7.24%
in
the
week
ending
April
19,
as
Freddie
Mac
chief
economist
Sam
Khater
noted
purchase
demand
had
remained
“steady”
in
the
face
of
rising
rates.

“With
rates
staying
higher
for
longer,
many
homebuyers
are
adjusting,”
Khater
said,
“as
evidenced
by
this
week’s
report
that
sales
of
newly
built
homes
saw
the
biggest
increase
since
December
2022.”

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