Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year. 

Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales. 

A shortage of existing inventory continues to drive buyers to new construction. 

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported. 

High demand drove multiple offers on about a third of pending sales, while 28% of homes sold above list price, the National Association of REALTORS® reported. 

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.