- Prior month 1.7% revised from 1.5%
- Pending home sales (April): +1.4% MoM vs 1.0% estimate.
- Pending home sales (April): +3.2% YoY
Regional breakdown:
- Northeast: +6.6% MoM, -0.6% YoY
- Midwest: +3.0% MoM, +2.7% YoY
- South: -0.7% MoM, +4.7% YoY
- West: +0.4% MoM, +3.8% YoY
Top metro area gains in pending home sales YoY:
- Boston-Cambridge-Newton: +10.3%
- Miami-Fort Lauderdale-West Palm Beach: +9.4%
- Oklahoma City: +8.6%
- Milwaukee-Waukesha: +7.4%
- Virginia Beach-Chesapeake-Norfolk: +7.2%
- Raleigh-Cary: +5.7%
- Dallas-Fort Worth-Arlington: +5.5%
- Washington-Arlington-Alexandria: +5.4%
- Columbus: +5.4%
- Charlotte-Concord-Gastonia: +5.1%
Pending home sales moved modestly higher in April as buyers cautiously stepped back into the housing market despite elevated mortgage rates and broader economic uncertainty. The gain suggests underlying housing demand remains resilient, particularly as buyers continue to adjust to higher financing costs.
The regional data showed broad-based monthly gains outside of the South, while year-over-year activity improved in most areas of the country. The Northeast lagged on an annual basis, but still posted the strongest monthly increase in April.
NAR Chief Economist Lawrence Yun said buyers are showing “cautious optimism,” adding that demand would likely strengthen further if mortgage rates move back toward the lower levels seen earlier this year.
Yun also highlighted ongoing supply concerns. Historically low foreclosure activity has limited distressed sales and reduced opportunities for discounted purchases, helping keep home prices elevated across most markets
