US Pending Home Sales Hit Nearly 4-Year High

Housing costs have come down over the past year amid a decline in mortgage rates, attracting buyers to the market.

A “sale pending” sign is posted in front of a home in San Anselmo, Calif., on Nov. 30, 2023. Justin Sullivan/Getty Images

Pending home sales in the United States grew by 7.7 percent year over year for the four weeks ending May 3, hitting the highest level since September 2022, according to a May 7 statement from real estate brokerage Redfin.

Pending home sales refer to home purchase contracts that have been signed but not yet closed, and can be used as an indicator of future existing home sales. After signing the contract, it can take anywhere from four to eight weeks for a home sale to close.