US pending home sales rise 9.6% year-over-year, hitting highest level since September 2022
US pending home sales increased by 9.6% year-over-year, reaching their highest point since September 2022 due to modest improvements in mortgage rates and job security.Summary
US pending home sales rose 9.6% year-over-year by May 10, marking a significant recovery to levels last seen in September 2022. This rebound is attributed to a slight dip in mortgage rates, increased purchase applications, and a relatively stable job market that encourages long-term financial commitments.
Despite the surge in buyer demand, supply remains tight, with new listings falling 1.6% and active listings rising only 1.2%. This imbalance has pushed median home prices up by 2.2% to approximately $397,740, fueling bidding wars in major metropolitan areas. As a leading indicator, this data suggests a strong performance for closed home sales in the upcoming months, though it presents a challenge for the Federal Reserve regarding shelter inflation.
(Source：Crypto Briefing)