Pending Home Sales Post Broad Gains in May, Rising Nearly 4%

• June 17th

by UrbanTurf Staff

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The housing market got a late-spring boost in May, with pending home sales climbing 3.8% from April and 4.8% from a year ago, according to a new report from the National Association of Realtors (NAR) out Wednesday.

Gains were recorded in all four regions of the country — a sweep that signals buyers are still active even as mortgage rates remain above 6%. NAR chief economist Lawrence Yun characterized the jump as a "late spring buyer rush," attributing it to pent-up demand and a growing acceptance among consumers that elevated rates are simply the new normal.

The Northeast and Midwest led the way regionally, with pending sales jumping 8.7% and 8.1% month-over-month, respectively — and both regions also posted solid year-over-year gains. The South and West saw more modest monthly increases, up 1.0% and 0.7%.

Yun noted that the inventory-constrained Northeast, which had been logging faster price growth but slower sales activity for several months, is finally seeing more contract signings — though he added that more supply is needed to help temper price appreciation across the region. Looking ahead, he suggested that falling oil prices could nudge mortgage rates modestly lower, though any declines are likely to be limited given federal borrowing levels and robust AI-driven investment spending.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/pending_home_sales_post_broad_gains_in_may_rising/24739.