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Iran conflict-driven rate volatility does not dent housing demand

Weekly pending sales rose year over year, while the share of homes with price cuts fell to 39.6% versus 41.0%.

Reported · Written up by our desk · Residential

Housing demand stayed positive despite rate volatility tied to the escalation of the Iran conflict, according to weekly pending home sales and purchase application data covered by HousingWire.

Pending sales increased to 63,971 from 61,143 year over year, inventory ended at 844,011, and the share of listings with price cuts fell to 39.57% versus 41%. HousingWire noted the dataset was impacted by the July 4th holiday weekend, so a rebound in next week’s figures is possible.

HousingWire also pointed out that pending sales data generally takes 30 to 60 days to translate into actual sales, while purchase applications typically look 30 to 90 days ahead.

On the applications front, HousingWire said purchase apps showed positive year over year growth outside of two weeks, with last week down 1% week to week but up 5% year over year, and that inventory has been negative year over year in recent weeks while demand growth has slowed inventory growth.

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