Sale prices are rising as homebuying demand strengthens. 

U.S. pending homes sales jumped 9.6% year over year to their highest level since September 2022, on a seasonally adjusted basis. Pending sales are rising in every major U.S. metro except three (Houston, Detroit and Seattle). Mortgage-purchase applications are up 4% week over week. 

Strengthening demand is pushing up prices. The median home-sale price rose 2.2% year over year during the four weeks ending May 10, the second-biggest increase in the last seven months.