Yesterday’s New Home Sales data was released, which measures signed contracts on new construction. We’re seeing a 19% year-over-year increase, running at an annualized pace of 737,000 homes, the highest level in three years.

This morning, Existing Home Sales were released and significantly exceeded expectations. Forecasts called for a 2% increase, but the actual number came in at 5.1%.

When rates move lower, buyers pay attention. They also pay attention to home values and in some regions, more favorable pricing. Eventually, that combination creates a tipping point where buyers decide to act.

We may be approaching that moment.

As always, I’ll continue to monitor the data and keep you updated as conditions evolve.

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