The spring home-buying season appears to have started early this year, as evidenced by year-over-year growth in pending home contracts despite rising mortgage rates.
Recent data from Altos Research indicates that pending home sales have shown consistent positive growth, reinforcing the notion that demand is building as we move into the new year.
If mortgage rates hadn't increased by 1% since September, existing home sales might have rebounded significantly, showing just how sensitive the market is to interest rate fluctuations.
Despite fluctuations, the increasing trend of pending home sales over the last several months suggests a firming demand in the housing market that could carry into 2025.
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