The Housing Market Is Flashing Fresh Signs of Recovery
In October, according to Redfin data, pending home sales saw a 1% monthly increase, reaching the highest seasonally adjusted level observed in a year. Simultaneously, mortgage applications surged, experiencing a 6% monthly increase and a remarkable 40% rise from the previous year, as reported by the Mortgage Bankers Association.
According to Finance Yahoo, the rise in mortgage applications and sales activity, in part, is due to more inventory coming on the market. New listings of homes for sale rose 3% year-over-year the week ending November 10, a separate Redfin report said, the largest increase in about two years.
Builders also appear to be revving up their pace of construction, though total home building still remains below 2022 levels. Housing starts rose a seasonally adjusted 1.3 million in October, rising 1.9% on a monthly basis, according to the Census’ Monthly New Residential Construction report.
Meanwhile, housing completions came in at a seasonally adjusted 1.4 million. That’s a slower pace than completions recorded in September, but represents a 4.6% increase from October last year, the report added.
