"Weekly pending home sales data provides a week-to-week perspective, though results can be affected by holidays and short-term fluctuations such as Easter weekend. Housing demand snapped back from the previous week's negative year-over-year print."
"Typically, mortgage rates above 6.64% and those breaking over 7% really impact the data negatively. Under 6.25% has been the sweet spot over the past several years, excluding short-term variables."
"For purchase apps, what I really value is at least 12-14 weeks of positive week-to-week data. If we can get that positive week, it will indicate a stronger market."
Weekly pending home sales rose to 73,241 from 71,775 a year ago, alongside increased inventory and new listings. The growth appears more seasonal, linked to the Easter holiday, rather than solely due to mortgage rates approaching 6.25%. Active inventory and new listings also increased, reflecting a typical rebound after a holiday week. Purchase application data showed a 1% week-to-week decline and a 3% year-over-year decline, indicating that while mortgage rates have fallen, they have still impacted housing demand.
Read at www.housingwire.com
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