As the moving industry in the United States continues to face a muted domestic consumer market, there were signs of a late spring rush as pending home sales increased by 3.8% month-over-month and 4.8% year-over-year.
Figures from the National Association of Realtors (NAR) Pending Home Sales report identify that data on the level of home sales under contract show increases in the Northeast, Midwest, South, and West. At the local level, several markets posted notable year-over-year gains, with the Kansas City, MO-KS (+20.1%), San Antonio-New Braunfels, TX (+15.7%), Minneapolis-St. Paul-Bloomington, MN-WI (+13.9%), Miami-Fort Lauderdale-West Palm Beach, FL (+11.4%), Louisville/Jefferson County, KY-IN (+11.2%), and Cincinnati, OH-KY-IN (+10.1%) all posting double-digit gains.
“A late spring buyer rush, even with mortgage rates not budging, is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal,” said NAR Chief Economist Dr. Lawrence Yun. “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth.”
IAM Member Impact: Existing home sales run at an annualized pace of around 4.17 million units, significantly below the long-term historical norm of 5 million.
Source: National Association of Relators