Pending Home Sales Hit 6-Year High As Rising Mortgage Rates Help Propel Home Buyers

Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of Realtors .. The Pending Home Sales Index, * a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012.

Last week we saw housing data on construction, existing home sales, and mortgage rates. This week we fill out the picture of how housing fared in August with new home sales, pending home sales.

After falling in May, pending home sales increased in June, rising 0.9% to a score 106.9 on the National Association of Realtors’ (NAR) Pending Home Sales Index.. However, on a year-over-year basis, contract signings were down 2.5% compared with june 2017. regionally, monthly pending home sales increased 1.4% in the Northeast, 1.1% in the South, 0.7% in the West and 0.5% in the Midwest.

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So far this year, we have seen some impact: The YOY growth in new home sales rates per community has declined every month this year, probably due to rising rates. The rate remains positive. This does not mean sales will decline 13%, but it does mean that sales should be 13% lower than would otherwise be the case.

But it just started. Could it be the new tax law and sky-high home prices? The National Association of Realtors is already blaming rising mortgage rates. Pending home sales – an indicator of future home sales, based on contract signings – in January fell 3.8% from a year ago, to their lowest level since December 2015, NAR reported.

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The pace of sales was still strong, with the slight drop coming after pending sales reached a six-year high in May. Pending sales in June were 10.9% higher from a year ago. To Read the Full Story

Pending Home Sales Hit 6-Year High. Share.. points to rising mortgage rates as a reason for the housing rush. "Even with limited choices, it appears some of the rise in contract signings could.

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