In March, pending home sales saw the largest month-over-month increase in almost a year and a half, according to new numbers from the National Association of Realtors. The 6.1 percent gain was the biggest since December 2023 and included improvements in the Midwest, South, and West. Lawrence Yun, NAR’s chief economist, says lower mortgage rates were likely behind the increase. “Home buyers are acutely sensitive to even minor fluctuations in mortgage rates,” Yun said. “While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth.” In addition to lower rates and job growth, the start of the spring sales season was likely also a contributing factor driving the influx of interested buyers. According to the NAR’s numbers, pending sales are now just 0.6 percent lower than last year at the same time. (source)
