"Pending sales rose significantly last week, reaching a multiyear high, indicating a strong recovery in housing demand despite ongoing geopolitical tensions and higher mortgage rates."
"New listings reached 83,395, and inventory climbed to 765,048, showcasing a healthier supply side in the housing market amidst challenging conditions."
"Weekly pending sales data suggests that the housing market has weathered recent dramatic events, including a war and economic uncertainties, better than expected."
Last week saw a significant increase in housing demand and supply, with pending sales rising and new listings reaching 83,395. Inventory climbed to 765,048, while mortgage spreads remained around 2.00%. Despite challenges such as the war with Iran and higher mortgage rates, the housing market showed resilience. Weekly pending sales data indicated a multiyear high, suggesting a recovery in demand. Mortgage rates above 6.64% typically negatively impact sales, but recent trends indicate a potential rebound as rates approach the 6.25% mark.
Read at www.housingwire.com
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