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Home demand stayed resilient despite holiday dip in listings and pendings
New pending contracts rose 4.6% versus the same Fourth of July week a year ago, and estimated home sales increased 5.6% despite higher mortgage-rate pressures.
HousingWire says U.S. housing demand remained resilient through the Fourth of July slowdown, even as elevated mortgage rates and higher Treasury yields weighed on conditions.
The holiday period pulled buyers and sellers away temporarily, with new listings falling from 75,360 to 63,405 and new pending contracts dropping from 71,173 to 63,971 week over week, HousingWire reports.
Looking beyond the seasonal noise, the outlet highlights that compared with the same holiday week a year ago, new pending contracts increased 4.6%, total pending inventory rose 4.1%, and estimated home sales climbed 5.6%.
HousingWire points to local divergence, noting Grand Rapids, Michigan, has just 0.8 months of inventory and homes are selling in a median of seven days, while Cape Coral-Fort Myers, Florida saw active inventory drop 33.2% year over year to 6,296 homes.