A construction worker pauses for a rest as he helps build residential homes in Irvine, California, U.S., March 28, 2025. (REUTERS/Mike Blake/File photo)
Share
|
Getting your Trinity Audio player ready...
|
WASHINGTON (Reuters) – Contracts to buy U.S. previously owned homes surged by the most in more than a year in March, boosted by a decline in mortgage rates.
The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, jumped 6.1% to 76.5 last month. The increase was the largest since December 2023.
Economists polled by Reuters had forecast contracts, which become sales after a month or two, rising 1.0%. Pending home sales fell 0.6% from a year earlier.
“Home buyers are acutely sensitive to even minor fluctuations in mortgage rates,” said Lawrence Yun, the NAR’s chief economist. “While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential homebuyers, fueled by ongoing job growth.”
The rate on the popular 30-year fixed-mortgage dropped to 6.65% in March from 7.04% in mid-January, data from mortgage finance agency Freddie Mac showed.
—
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
RELATED TOPICS:
Categories
Ex-Memphis Officer Took Photo of Tyre Nichols After Fatal Beating, Shared It 11 Times
Fresno County Freeway Crash Caused by Repeat DUI Offender
Trump Company Strikes Qatari Golf Resort Deal Despite Conflict Risks
Hugging Face Releases Affordable 3D-Printed Robotic Arm
State Says Arambula CEMEX Bill Subverts CEQA. What’s Next for San Joaquin River?
Visa Wants to Give Artificial Intelligence ‘Agents’ Your Credit Card
