Source: Fox Business —
Pending home sales increased for the first time in more than a year
The housing market is showing early signs of recovery with pending sales of U.S. homes climbing for the first time in a year, according to new data from Redfin.
Pending home sales rose 3% in December, the first month-over-month increase since October 2021, Redfin said in a report Wednesday. There are other indicators that demand is stirring back to life, including bidding wars, more requests for home tours and a growing number of people contacting the brokerage firm to start the home buying process.
“I’ve seen more homes go under contract this month than in the entire fourth quarter,” said San Jose, Calif., Redfin agent Angela Langone. “Listings that were stagnant in November and December are suddenly getting one to two offers.”
The interest rate-sensitive housing market has borne the brunt of the Federal Reserve’s aggressive campaign to tighten policy and slow the economy.
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