Pending home sales across the nation experienced a modest increase in April, rising 1.4% month-over-month and 3.2% year-over-year, according to the National Association of REALTORS® (NAR). The Miami area stood out, securing the second position among the top 50 metropolitan areas for year-over-year growth in homes under contract, with a significant 9.4% surge.
Key Takeaways
- Nationwide pending home sales increased by 1.4% month-over-month and 3.2% year-over-year in April.
- The Miami area saw a 9.4% year-over-year increase in pending home sales, ranking second nationally.
- Regional pending sales saw gains in the Northeast, Midwest, and West, but declined in the South.
- Year-over-year, pending sales grew in the Midwest, South, and West, while declining in the Northeast.
- Buyers are showing "cautious optimism" despite economic uncertainty and rising mortgage rates.
- Low foreclosure rates mean minimal price discounts, with most markets seeing year-over-year price increases.
- Boosting housing supply is crucial to prevent home price growth from outpacing wages and eroding homeownership.
National and Regional Trends
Nationally, the NAR’s Pending Home Sales Report indicated a positive trend for the housing market in April. This growth occurred despite a slight uptick in mortgage rates and ongoing economic uncertainties. Buyers are reportedly entering the market with a degree of optimism, anticipating further demand if mortgage rates were to decrease to earlier year levels.
Regionally, the Northeast, Midwest, and West all saw increases in pending sales. However, the South experienced a decline in this metric. On a year-over-year basis, the Midwest, South, and West continued to show gains, while the Northeast saw a decrease.
Top Performing Metro Areas
The Miami-Fort Lauderdale-West Palm Beach metropolitan area was highlighted for its strong performance, ranking second among the top 50 metros with a 9.4% increase in year-over-year pending home sales. Other top-performing areas for annual increases in pending sales included:
- Boston-Cambridge-Newton (+10.3%)
- Oklahoma City (+8.6%)
- Milwaukee-Waukesha (+7.4%)
- Virginia Beach-Chesapeake-Norfolk, Virginia (+7.2%)
Economic Outlook and Housing Supply
NAR Chief Economist Lawrence Yun noted that demand would likely be even higher if mortgage rates were to retreat. He also pointed out that historically low foreclosure sales are contributing to minimal price discounts, with most markets experiencing price appreciation compared to the previous year. Yun emphasized the critical need to increase housing supply to prevent home price growth from outstripping wage growth and negatively impacting the homeownership rate.
First American Senior Economist Sam Williamson commented that the early spring market suggests a year of modest improvement rather than a significant breakout. He cited rising mortgage rates, which have climbed back above 6.3%—their highest level since September 2025—as a factor that has diminished affordability gains. Broader economic uncertainty and higher energy prices are also contributing to a dip in consumer confidence and buyer demand.
