Robert Besser
07 May 2025, 02:15 GMT+10
WASHINGTON, D.C.: More people signed contracts to buy previously owned homes in the U.S. in March than in any month in over a year, helped by lower mortgage rates.
The National Association of Realtors (NAR) said its Pending Home Sales Index, which tracks signed contracts, rose by 6.1 percent to 76.5. This was the most significant jump since December 2023.
Experts had expected only a 1.0 percent increase. However, the number of pending sales was still 0.6 percent lower than the same time last year.
NAR's chief economist, Lawrence Yun, said buyers react quickly to even small changes in mortgage rates. He added that the rise in signed contracts suggests many people are ready to buy, thanks to steady job growth.
Mortgage rates dropped to 6.65 percent in March, down from 7.04 percent in mid-January, according to Freddie Mac.
Get a daily dose of Long Beach Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Long Beach Star.
More InformationNEW YORK, New York - U.S. stock markets retreated on Tuesday, with major indices posting losses amid renewed economic concerns, while...
WASHINGTON, D.C.: More people signed contracts to buy previously owned homes in the U.S. in March than in any month in over a year,...
WASHINGTON, D.C.: The U.S. Transportation Department says it is working to fix a significant shortage of air traffic controllers by...
WASHINGTON, D.C.: The U.S. Department of Defense wants to change its contracts so the Army can fix its own weapons instead of always...
NEW YORK, New York - U.S. stocks were volatile Monday as the focus remained on tariffs, and the perceived lack of trade deals despite...
WASHINGTON, D.C.: U.S. Health and Human Services Secretary Robert F. Kennedy Jr. wants to change how vaccines are tested, according...
WASHINGTON, D.C.: The U.S. Transportation Department says it is working to fix a significant shortage of air traffic controllers by...
WASHINGTON, D.C.: The U.S. Department of Defense wants to change its contracts so the Army can fix its own weapons instead of always...
MEXICO CITY, Mexico: Mexico is laying the groundwork to reduce its standard work week from 48 to 40 hours by 2030, Labor and Social...
WASHINGTON, D.C.: U.S. Health and Human Services Secretary Robert F. Kennedy Jr. wants to change how vaccines are tested, according...
WASHINGTON, D.C.: In a challenge to California's push for cleaner transportation, the U.S. House of Representatives voted this week...
CHICAGO, Illinois: The Chicago and Cook County health departments say that two people in Cook County have measles. These are the...