\nU.S. pending home sales rose 2.7% year over year during the four weeks ending April 26, the biggest increase in six weeks. That\u2019s according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket. Mortgage-purchase applications have risen to their highest level in three months.<\/p>\n
There are a few reasons more homebuyers are on the hunt:<\/b><\/p>\n \nSellers are coming out of the woodwork as they notice demand from buyers creeping up. New listings rose 2.2% year over year, the second week of increases after five straight months of declines. It\u2019s also prime home-selling season<\/a>, when homes are more likely to sell above their asking price, and to sell faster.<\/p>\n \n\u201cEven though more buyers are coming off the sidelines, some are still wondering if they should wait for mortgage rates to fall more before making a move. I tell them no\u2014if you love a home and you can afford it, make an offer,\u201d said Sue Dhillon<\/a>, a Redfin Premier<\/a> agent in Seattle<\/a>. \u201cIt is a buyer\u2019s market<\/a>, but there is competition for desirable homes in popular neighborhoods. And while prices are lower than they have been over the past few years, they will rise quickly if bidding wars do pick up.\u201d<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n\n