The recent uptick in pending home sales, with 362,000 single-family homes under contract, indicates potential recovery in the housing market after a weak year.
Mortgage applications have risen for five consecutive weeks, suggesting that as rates approach 6%, homebuyer activity might be gaining some momentum.
This September, the market has shown a 6% increase in homes under contract compared to last year, signaling possible signs of a recovery in home sales.
Although the home sales market has struggled in 2024, the slight increase in new contracts and homebuying metrics suggests that there may be a turnaround.
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