Pending home sales still turning in strong gains
The U.S. housing market continued to see strong demand from homebuyers for the four-week period ending July 26. The seasonally-adjusted Redfin Homebuyer Demand Index was up 27% from pre-pandemic levels in January and February. Pending home sales were up 12% compared to a year earlier, driven by mortgage rates that remain near historic lows.
One factor spurring strong pending sales and keeping sales from declining more quickly may be buyers who delayed purchasing in the spring now rushing to buy before school starts in the fall. “School districts are still important even