In spring 2026, the US housing market is witnessing a notable increase in activity, with home contracts rising 4.6% year-over-year in March. This surge occurs despite 30-year mortgage rates climbing to around 6.35%, which raises concerns about affordability. The increase in buyer activity is attributed to improved housing supply, which has risen between 4.2% and 5.7% compared to the previous year, and pent-up demand from buyers who had delayed purchases in prior years. While some regions are experiencing slight declines in home prices, the overall market remains active as families aim to move before the new school year. Additionally, the profile of buyers is shifting, with many first-time buyers now in their mid to late 30s, often possessing higher incomes. Despite the challenges posed by rising mortgage rates, which are affecting affordability, the current spring homebuying season presents a balance of availability and pricing that has not been seen recently. Looking ahead, the sustainability of this momentum will depend on economic conditions and potential further increases in mortgage rates.