Pending home sales increased by 0.3% in June, after declining the previous month. This small rebound incentives optimism in the mortgage industry, as pending home sales serve as a leading indicator of existing-home sales. According to the National Association of Realtors (NAR), yearly existing-sales growth is expected next year, with a rebound larger than previous predictions.
Currently, low mortgage rates, improving economic trajectories coupled with historically high buyers’ sentiment are among the contributing factors to expecting a significant increase in pending home sales across the nation. As a result, strong competition will most likely affect the housing market prices and affordability, with existing-home sales projected to be higher across all four regions of the United States.
Key Points:
• Pending home sales increase by 0.3% in June.
• NAR predicts significant rebound in existing-sales next year.
• Low mortgage rates, improved economic landscape, and high buyers’ sentiment contribute to projected sales growth.
• Strong competition will potentially affect pricing and affordability.
You can read this full article at: https://www.housingwire.com/articles/pending-home-sales-rose-0-3-in-june-the-first-increase-in-3-months/(subscription required)
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