Pending US home sales on the up

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“Meaningful gains will only occur with declining mortgage rates and rising inventory,” he said in comments accompanying NAR’s release.

The uptick arrived despite a further increase in the contract rate on a 30-year fixed mortgage last week. The Mortgage Bankers Association (MBA) said that rate increased to 7.24% in the week ending April 19, as Freddie Mac chief economist Sam Khater noted purchase demand had remained “steady” in the face of rising rates.

“With rates staying higher for longer, many homebuyers are adjusting,” Khater said, “as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”

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