Pending home sales have shown a 2.6% increase this week in year-over-year contracts, although total home sales remain down by 3% so far in 2024. As May and June approach, the comparisons with last year's low sales due to high mortgage rates may yield improved figures. The Mortgage Bankers Association's data indicates a higher volume of mortgage applications, hinting at a shift from cash buyers and possibly indicative of pent-up demand. However, the potential for rising mortgage rates remains a risk for the market's recovery.
The pending home sales contracts are up 2.6% this week year-over-year, signaling potential growth in a market previously hindered by high mortgage rates.
Despite a rise in mortgage applications, home sales remain flat, suggesting a shift away from cash buyers and reflecting pent-up demand in the market.
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