An article summarized by Redfin:

The U.S. housing market showed signs of renewed activity in early May as falling mortgage rates encouraged more buyers to return. Pending home sales rose 7.7% year over year, reaching their highest level since September 2022. A temporary drop in mortgage rates, along with slightly lower monthly housing payments and an increase in available homes for sale, helped bring buyers back into the market after a slower start to the spring season.

Despite the uptick, the market remains less competitive than in previous years. Homes are taking longer to sell, with the average property going under contract in 43 days, and a smaller share of homes are selling above asking price compared to past springs. Real estate agents say buyers are being more selective, with updated and fairly priced homes attracting the most attention, while older or overpriced homes are sitting on the market longer.

Housing conditions also vary significantly by region. Cities like Chicago, San Francisco, and Miami saw some of the biggest increases in pending sales, while markets such as Houston and Seattle experienced declines. Overall, the data suggests the spring housing season may simply be arriving later than usual, though affordability challenges and higher borrowing costs continue to weigh on the broader market.

For the article: https://www.redfin.com/news/pending-home-sales-rise-spring/