The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said.
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“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun
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The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.
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Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®.
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“Given the situation in the market — mortgages, home costs and inventory — it would not be surprising to see a retreat in housing demand.” — NAR chief economist Lawrence Yun
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“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later.” — NAR chief economist Lawrence Yun
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“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise. The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.” — NAR chief economist Lawrence Yun
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Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.
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The all-time high for January comes as limited supply cut pending transactions on a monthly basis, the association said.
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