Pending Home Sales Reach Highest Level Since 2022

What if the U.S. housing market is finally starting to wake up again?

That may be exactly what the latest housing data is showing.

Pending home sales in the United States just climbed to their highest level since September of 2022, signaling that buyers are slowly returning to the market after a difficult stretch over the past two years.

 

According to new data from Redfin, seasonally adjusted pending home sales increased nearly 10% compared to last year during the four weeks ending May 10th.

And the increase wasn’t isolated to just a few cities.

 

Buyer activity improved across almost every major metro market in the country.

Only Houston, Detroit, and Seattle saw year-over-year declines.

At the same time, mortgage purchase applications also moved higher—another sign that buyers are becoming more active again.

So what’s driving the rebound?

Several factors.

 

The labor market remains relatively stable.

Spring homebuying season is now fully underway.

Inventory has improved slightly.

And many buyers appear to be adjusting psychologically to the reality of higher mortgage rates.

That’s important because rates are still elevated.

 

The average mortgage rate recently climbed close to 6.6%, remaining far above the ultra-low borrowing costs Americans saw during the pandemic years.

But buyers may no longer be waiting for rates to return to 3%.

Instead, many are deciding to move forward anyway.

And as demand improves, home prices are beginning to rise faster again.

The national median home sale price recently approached $398,000, while annual price growth accelerated to around 2.2%.

 

That marked one of the strongest price increases seen in months.

At the same time, inventory remains relatively tight.

New listings actually declined compared to last year as many homeowners continue holding onto low mortgage rates they locked in during 2020 and 2021.

That’s creating a strange dynamic in today’s market:

 

Buyer demand is rising… but housing supply is still limited.

And if that trend continues, competition could intensify again in some cities.

Analysts are already warning that bidding wars could return in markets where inventory remains especially low.

 

Some of the strongest pending sales growth is happening in places like Pittsburgh, Minneapolis, Miami, Newark, and parts of New Jersey.

Meanwhile, cities like Kansas City, Chicago, and San Francisco are seeing some of the fastest home price increases.

 

Now, there’s still uncertainty ahead.

Inflation concerns, global tensions, oil prices, and mortgage rates continue creating financial pressure for households nationwide.

But despite those challenges, the housing market appears to be stabilizing after a difficult period.

 

The bottom line?

Buyers are slowly adapting to the higher-rate environment—and that adjustment may be helping bring momentum back into the housing market in 2026.

 

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