US pending home sales jump 9.6% YoY, highest since 2022

Pending home sales in the United States rose 9.6% year‑over‑year for the four weeks ending May 10, reaching their strongest level since September 2022, according to Redfin data. The rebound is linked to modestly lower mortgage rates, a 4% weekly rise in mortgage‑purchase applications, a nine‑month high in online searches for homes, and a still‑improving job market that gives buyers confidence to commit to 30‑year mortgages.

Gains were broad‑based across major metros, with especially strong increases in Chicago and San Francisco, while Houston, Detroit and Seattle lagged. New listings fell 1.6% YoY and active listings rose only 1.2% YoY, leaving supply tight. The median home price rose 2.2% YoY to about $397,740, intensifying bidding wars in competitive markets.

Although mortgage rates remain above historic lows, the shift in market dynamics is creating unexpected opportunities for some American buyers, as the usual spring surge in listings and demand proves less reliable this year.