IE Business Daily Business news for the Inland Empire.
Pending home sales rose 2.7 percent year-over-year during the four weeks that ended April 26, according to a report.
That nationwide increase was the largest in six weeks, and came at a time when mortgage-purchase applications rose to their highest level in three months, Seattle-based Redfin reported.
The average mortgage rate dropped to 6.2 percent from 6.4 percent at the start of April, which caused the median monthly housing payment to fall 2.2 percent compared with exactly one year earlier.
Listings of homes for sale rose 2.2 percent year-over-year, the second week of increases after five straight months of declines. Locally, Riverside’s new listings fell 13.2 percent, the largest decline of any major U.S. market.
Now is a particularly good time to buy a home, said Sue Dhillon a Redfin agent.
“Some (people) are wondering if they should wait for mortgage rates to fall more before making a move and I tell them no,” Dhillon said in a statement. “It’s a buyer’s market. If you love a home and you can afford it, make an offer.”
