BREAKING: US pending home sales surged +9.6% YoY in the 4 weeks ending May 10th, to 346,104, the highest since September 2022. Strength was broad-based, with gains recorded across every major US metro except Houston, Detroit, and Seattle. This comes as mortgage rates declined for 3 consecutive weeks in April, boosting homebuyer confidence. Furthermore, mortgage purchase applications increased +4.0% in the week ending May 13th. Strengthening demand is feeding through to prices, with the median home sale price rising +2.2% YoY in the 4 weeks ending May 10th, to $397,740, the highest since July 2025. This also marks the 2nd-largest increase over the last 7 months. The US housing market just keeps pushing higher.