‘April delivered’ as spring homebuying season picks up momentum 

After weeks of economic uncertainty that seemingly stalled the spring homebuying season, the latest data indicates that the housing market is starting to get back on track.

"The spring market seems to be in full bloom," Compass Chief Economist Mike Simonsen said.

Weekly pending sales hit highest mark since 2022

Pending sales, new listings, inventory and touring activity all ticked up this week. While the increases weren't enough to signal a stampede of buyers, the data is revealing signs of life in what has been a very subdued start to the season.

"One week isn't a trend, but it's nicely optimistic," Simonsen said. "The pending sales rate is the metric to watch. If global volatility stays contained, there's reason to expect this momentum could carry into next week."

Simonsen's weekly report estimates that pending home sales hit 96,000 for the week, the highest count for any week since 2022. Inventory is also up 4% year-over-year, Simonsen said, with strong gains in the Northeast — an area that has been lacking in supply.

Redfin's weekly report similarly noted an uptick in pending sales, with its four-week rolling average up 2.7% compared to the same period last year. The report estimates that interest in homes has increased as well, with Google searches of "homes for sale" at the highest level in nine months and touring activity ahead of last year's pace. 

In its April report, Realtor.com estimates that new listings climbed 1.1% compared to April 2025 and jumped 8.7% compared to last month.

"The worry going into April was that history would repeat itself," Realtor.com Chief Economist Danielle Hale said, referring to the last few lackluster spring homebuying seasons. "The hope was that sellers would continue coming to market at the strong March pace, and that buyers would keep engaging despite the volatility. By those measures, April delivered."

Purchase applications jump year-over-year

In looking at mortgage applications, overall weekly activity slowed 1.6% as refinance applications decreased, according to the Mortgage Bankers Association (MBA), though purchase applications were up 21% compared to this time last year.

"After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country," said Mike Fratantoni, MBA's SVP and chief economist.

Mortgage rates tick up

But mortgage rates are starting to creep up again, with the 30-year fixed-rate mortgage averaging 6.3% this week, according to Freddie Mac. Though up from 6.23% one week ago — and well above the sub-6% rates seen briefly two months ago — the weekly average rate is still comfortably below what it was a year ago.

Mortgage News Daily, which uses a different set of metrics to gauge rates, has noted a rise in recent days, with the 30-year rate hitting 6.5% on April 29 before ticking down to 6.45% on April 30.

Geopolitics remain unpredictable amid the ongoing war in Iran — and high gas prices could lead to worsening inflation or an economic slowdown. But so far, the U.S. economy is showing strength. Real GDP increased 2% in the first quarter of 2026, according to the U.S. Bureau of Economic Analysis — a rebound from the last three months of 2025.

Housing market still facing 'headwinds'

Despite the uptick in market activity, Bright MLS Chief Economist Lisa Sturtevant believes this spring homebuying season will be slower than many were anticipating a few months ago.

"I expect rates to remain in the low-6% range and homebuyers and sellers will continue to proceed cautiously this spring," Sturtevant said. "Geopolitical and labor market uncertainty create headwinds to housing market activity, but changing family circumstances and needs will bring out buyers and sellers despite that uncertainty."

But Realtor.com Senior Economist Jake Krimmel said that while it's "too early to declare the spring housing market has weathered the storm," there is "renewed reason for cautious optimism."

"The leading indicators that would signal trouble — seller pullback, spiking cancellations, surging price cuts — are, if anything, moving in the right direction," Krimmel said. "New listings are up, contract cancellations are normal, and seller price cuts that can reveal concern are down."