Pending home sales in April were up by 1.4% from March and up by 3.2% from one year ago, according to the National Association of Realtors (NAR).
Month-over-month pending home sales rose in the Northeast, Midwest and West, and declined in the South. Year-over-year pending home sales rose in the Midwest, South and West, and declined in the Northeast.
Among the 50 largest metro areas, the biggest annual increases in pending home sales were recorded in Boston (+10.3%), Miami-Fort Lauderdale-West Palm Beach (+9.4%) Oklahoma City (+8.6%), Milwaukee (+7.4%), and Virginia Beach (+7.2%).
“Buyers are coming out with cautious optimism despite increasing economic uncertainty and a slight rise in mortgage rates,” said NAR Chief Economist Lawrence Yun. “Demand will easily be even higher once mortgage rates retreat to the levels they were at earlier this year.”
“Historically low foreclosure sales imply minimal price discounts, with a majority of markets selling at a higher price from a year ago,” Yun added. “Unless supply meaningfully increases, home price growth could outpace wage growth and further erode the homeownership rate. All efforts need to be focused on boosting housing supply.”
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