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Pending Home Sales See Biggest Gain In A Year

  • April 30th

by UrbanTurf Staff

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A Capitol Hill home that went under contract in March.

Pending home sales rose in March as mortgage rates fell. 

The National Association of Realtors (NAR) announced Wednesday that home contract signings rose 6.1% in March, the largest increase since December 2023. 

"Home buyers are acutely sensitive to even minor fluctuations in mortgage rates," said Lawrence Yun, the NAR's chief economist. "While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential homebuyers, fueled by ongoing job growth."

Yun's forward looking take is an optimistic one, as long-term mortgage rates have surged in recent weeks, likely giving homebuyers pause.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/pending_home_sales_see_biggest_gain_in_a_year/23455.

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