U.S. Housing Market Gains Momentum: Pending Sales Rise for Third Month Straight
The U.S. housing market is rebounding, with pending home sales rising 2.0% in October, marking three consecutive months of growth. Year-over-year gains were seen across all regions, with the West leading at 16.8%, fueled by job growth and increased housing inventory despite rising mortgage rate.
According to the Tampa Free Press, all four major U.S. regions saw a rise in pending sales compared to the previous month, with the Northeast experiencing the strongest growth (4.7%). Year-over-year, contract signings were up in every region, with the West leading the pack with a significant 16.8% increase.
“Homebuying momentum is building after nearly two years of suppressed home sales.” said NAR Chief Economist Lawrence Yun. “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market.”
