Pending home sales ticked up 3.8% from April, marking a 4.8% increase compared to the same time last year, according to data released by the National Association of REALTORS® (NAR). This unexpected spring surge spread across every major region of the country, with the Northeast and Midwest seeing the most significant gains.

Regional Breakdown

The regional breakdown highlights distinct pockets of high activity, with the Midwest leading annual growth and the Northeast topping the monthly numbers. At the local level, several metropolitan areas saw even bigger moves, including Kansas City, San Antonio-New Braunfels, Texas, and the Minneapolis-St. Paul area.

NAR Chief Economist Dr. Lawrence Yun noted that buyers seem to be adjusting to the current financial climate rather than waiting for rates to drop. "A late spring buyer rush—even with mortgage rates not budging—is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal," Yun said.

Original reporting: Tampa Free Press — read the source article.