The housing market is showing early signs of recovery with pending sales of homes climbing for the first time in a year. Pending home sales fell 26% year over year during the four weeks ending January 22 as mortgage rates ticked down. It was the smallest drop in more than three months, according to a new report from Redfin, a technology-powered real estate brokerage.
Pending sales began rising on a month-over-month basis in December as buyers started returning to the market, encouraged by their increased negotiating power and mortgage rates that have declined to 6.1% from their 7% peak. That signals the recent increase in early-stage home buyer demand—mortgage-purchase applications are up 28% since November and Redfin home tour requests are on the rise—is starting to translate into sales.
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