"Housing demand is holding up across major metros, even as mortgage rates move closer to levels that have historically pressured activity. Weekly pending sales rose to 71,230, up from 68,726 a year ago."
"Texas continues to anchor national demand, with 8,223 new pending sales statewide, the highest volume in the country. Dallas-Fort Worth recorded 2,227 new pendings, essentially flat week over week."
"California markets are also showing resilience, even with higher price points and greater sensitivity to mortgage rates. Importantly, price reductions remain contained, with just 26.5% of listings in California having seen price cuts."
"The Midwest is standing out as well, driven by relative affordability and tighter inventory conditions. Chicago recorded 1,525 new pending sales, up 2.3% week over week."
Housing demand is stable across major metropolitan areas, even as mortgage rates approach historically impactful levels. Weekly pending sales increased to 71,230, reflecting a 12% year-over-year growth in purchase applications. Texas leads with 8,223 new pending sales, while California markets also show resilience. Price reductions in California are limited, with only 26.5% of listings experiencing cuts. The Midwest is notable for its affordability and inventory conditions, with Chicago and Detroit recording increases in pending sales, contributing to overall housing stability amid rising rates.
Read at www.housingwire.com
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