U.S. Housing Market Shows Modest Recovery in Pending Sales
New data shows U.S. pending home sales rose 0.4% week-over-week in early August as the housing market gains slight momentum, though demand remains subdued and inventory improvements vary sharply by region.
The housing market is gaining slight momentum as the summer winds down, but demand remains subdued overall. U.S. pending home sales edged up 0.4% week over week during the four weeks ending August 9 on a seasonally adjusted basis, offering a small boost to this summer's sluggish housing market. Mortgage-purchase applications rose 3% week over week.
However, pending sales are still at their second-lowest level since March, and the latest weekly uptick may reflect normal week-to-week changes rather than a meaningful shift in momentum. On a year-over-year basis, pending sales are down 1.6%.
Separately, US sales of existing homes fell to a three-month low in July as elevated prices and mortgage rates continued to weigh on the housing market. Contract closings decreased 1.7% in July to an annualized rate of 4.06 million.
Regional Variations and Inventory Trends
The Midwest and Northeast continue to lead price growth, with rising for-sale inventory finally helping to release some of the pressure on those markets. In contrast, the rapid inventory buildup in parts of the South and West has slowed. National home price growth remains modest but accelerating, with the Midwest and Northeast leading state rankings including Illinois (+6.4% YoY), Connecticut (+6.0%), Nebraska (+5.8%), and Indiana (+5.8%).
Implications for Newcomers and Expats
The median existing-home price reached $440,600 in June, up 1.8% from a year ago. The average 30-year fixed mortgage rate was 6.58% in late July. If you are considering buying a home, the modest uptick in available inventory—particularly in the Midwest and Northeast—offers more negotiating power than earlier in the year. However, rising mortgage rates and high prices remain barriers. Before committing to a purchase, compare assistance programs and closing-cost options. Focus on markets with inventory growth and realistic pricing rather than waiting for rates to fall dramatically. Your income and visa status will determine mortgage eligibility, so consult a lender early in the process.
Sources
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