New contracts made to purchase previously owned homes jumped 6.7% last month, the highest level seen in six years according to the National Association of Realtors’ Pending Home Sales Index. Additionally, contracts have increased 12.1% from last year and are expected to continue to increase while mortgage rates still remain lower than normal. Lawrence Yun, NAR chief economist said, “even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher.” More here
