Pending Sales Soar
Across the country the number of contracts signed and in turn the number of homes now pending has soared to it’s highest level in over a decade. Nationwide there’s been an increase on 5.1% month over month, exceeding economists expectations for Spring.
Mortgage rates continue to remain low, hovering near or below 4%. Fear of higher rents and increased mortgage rates are bringing more prospective home buyers to the market.
Pending Sales increased the most on the West Coast, where they rose 11.4% in April, putting them 2.8% above where they were a year ago. Hawaii is included in West Coast U.S. statistics.