Pending home sales came in slightly over 4% above the same week of 2025. The 30-day average for home sales is running about 3% higher than 2025, and year-to-date approximately 650,000 pending sales contracts versus 630,000 same time last year. For the last two weeks, more new pending contracts than the same two weeks in the last three years. Positive improvement for heading into the second quarter.

New listings are running below last year’s inventory. For the same period, 62,000 newly listed single-family homes versus 64,000 a year ago. More sales, fewer sellers and potential sellers may not realize buyers are active. When rates fall, demand tends to move faster than supply. This activity demonstrates the realization from buyers that the interest rates are at acceptable levels.

As a result, total inventory dipped for the second straight week to just under 690,000 single family homes, up nearly 7% from a year ago. Compared to 30% inventory growth at this time last year.

The median list price nationally is $429,000, which is just under 1.5% below last year. Most price measures are flat to slightly negative. Demand improvements in the number of sales, but prices are still flat. Price reductions at almost 33% of active listings are slightly fewer than last week and fewer than a year ago. Improved demand without any big move on sold prices.

Mortgage applications rose 9.3% last week over a 3.2% increase the week prior. Buyers are becoming active in the market.

Up to two weeks ago, most buyers were on the fence, waiting for rates to keep falling. Clearly, last week is a reminder that no one can time the market. In the near future, we may look back at this moment in the market as the time to be a buyer is now.

Remember this quote from Warren Buffett, “…Houses are even better than stocks.” Now is the time to be a buyer, date the rate but marry the house.

Data Sources: Altos, Compass, NAR, Mike Simonsen, Bill Fields