Pending Home Sales Hit Highest Level in Nearly 4 Years

More homebuyers jumped into the market as mortgage rates came down temporarily last week, but it’s still slower than past springs. U.S. pending home sales hit their highest level since September 2022 during the four weeks ending May 3. They rose 7.7% year over year on a seasonally adjusted basis. There are a few reasons homebuyers are coming off the sidelines: Housing costs came down temporarily. The median U.S. housing payment declined 2.2% year over year as mortgage rates ticked down. Rates fell to 6.23% last week from a 6-month high of 6.46% two weeks earlier.