News & Blog

From REALTOR® Magazine: Buying Sprees Continue, Contract Signings Surge to Record High

Oct 06
Home buyer shaking hand with realtor.
As explained by REALTOR® Magazine in their recent online post, the number of pending home sales have surpassed pre-pandemic levels, “defying forecasts.” All four major regions of the U.S. have shown higher year-over-year pending home sales, according to the National Association of REALTORS®.
Lawrence Yun, NAR’s chief economist, expains, “Tremendously low mortgage rates-below 3%-have again helped pending home sales climb in August. Additionally, the Fed intends to hold [its] short-term funds rates near 0% for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low, and that will undoubtedly aid home buyers continuing to enter the marketplace.”
Following the sudden downturn of sales in response to the initial outbreak of COVID-19 earlier this year, the housing market has made a strong recovery, with pending sales contracts now at an all-time high. Even with this recovery, Yun cautions that these numbers “won’t necessarily translate to a record number of home sales, because not all contracts lead to closings and there are  sampling size variations.”
Additionally, Yun states, ““Home prices are heating up fast…The low mortgage rates are allowing buyers to secure cheaper mortgages, but many may find it harder to make the required down payment.”
To learn more, please view the original posted article, here.

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North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.