Despite rising mortgage rates nearing 7%, homebuyers are showing increased activity, with pending home sales up 2.2% month-over-month, marking the highest level since February 2023.
The PHSI report highlights significant growth in pending home sales, particularly in the South, which saw a reading of 94.5, reflecting both a month-over-month and a year-over-year increase.
Regionally, the South and West showcased strong trends in pending home sales, while the Northeast experienced a slight decline, underscoring varied market dynamics across the U.S.
Odeta Kushi of First American emphasizes that buyers are capitalizing on increased inventory despite ongoing affordability challenges, marking a notable shift in housing market behavior.
Collection
[
|
...
]