Housing Market Update: Pending Home Sales Rise 2%
The housing market has been in many headlines over the past few months, a report from Redfin shows a glimmer of progress in the recently slow market. With mortgage rates sitting at their lowest in 10 months, at 6.58%, the market has seen pending home sales rise 2% compared to previous months. As many realtors have reported, the effect has also shifted to an increase in home tours and new listings.
“Buyers are circling,” said Ali Mafi, a Redfin Premier agent in San Francisco. “House hunters are feeling more confident about buying a home now that mortgage rates have started to decline. Some are making offers now, though others are sitting tight, betting that rates will fall further. I’m telling buyers to act now because it’s still a buyer’s market and most sellers are willing to negotiate. If rates do plummet, the market will get competitive.”
