Luxe Austin Homes - pending

"U.S. Pending Home Sales Fall but the Housing Market Is in Recovery Mode"

Posted by Grossman & Jones Group on June 29th, 2023

Realtor.com writes, "the numbers: U.S. pending-home sales fell in May, the National Association of Realtors said on Thursday but the housing market is still showing signs of being in recovery mode.

Demand for homes is still strong, despite mortgage rates hovering near 7%, but buyers are finding few properties for-sale to choose from as homeowners hold out on selling.

The shortage in housing inventory has become so dire that it’s pushed pending home sales down in the spring, which is generally the peak season for home-buying.

Sales fell by 2.7% from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).

The figure fell short of expectations on Wall Street. Economists expected…

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"Are buyers already coming back into the housing market?"

Posted by Grossman & Jones Group on January 31st, 2023

Austin Business Journal reports, "since the start of the new year, there's indications buyers may be — albeit slowly — reentering the housing market, owing in part to mortgage rates that've stabilized since 2022's volatility.

Redfin Corp. (Nasdaq: RDFN) found while pending home sales fell 26% year over year during the four weeks ending Jan. 22, that was the smallest drop in more than three months, and that metric had began rising on a month-over-month basis since December.

Separately, home tours and requests for service for Redfin remain down 23% and 27% respectively from a year prior, but both are an improvement from a November trough of that activity being down 40%.

Pending home sales increased in December for the first time since May 2022,…

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