Home sales across the country have recently shown signs of recovery, with pending home sales exceeding last year's figures for four consecutive weeks. Despite a 3.8% increase in weekly transactions compared to the previous year and a nearly 2% rise in homes under contract nationally, the surge in mortgage rates due to tariff-related market instability poses potential challenges. The upcoming peak buying season could be affected if mortgage rates remain high, while increasing inventory and new sellers indicate changing market dynamics influenced by economic perceptions.
Weekly pending home sales counts have been at or above the year-ago levels for four weeks in a row now, with a 3.8% increase this week.
If we back off the tariffs, then interest rates could come back down. But if these conditions do continue, home sales are going to slow down quickly.
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