Friday, July 10, 2020 / by Erik Bjorklund
economist for the National Association of Realtors® (NAR), predicted last month
that April's home sales contract activity "will
be the lowest point for pending sales." That turns out to have been a huge understatement--at least for now.
This morning's release of NAR's
Pending Home Sales Index (PHSI) showed the number of those contracts for purchasing
existing single-family houses, condos, townhomes, and cooperative apartments did
indeed explode in May, soaring by 44.3 percent to 99.6. It was the greatest
single month increase since NAR started tracking pending sales in 2001. Every
major region recorded an increase in month-over-month activity, while the South
also had a year-over-year increase in pending transactions.