Pending Home Sales Soared 44% In May, More Than Double What Economists Were Expecting

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Pending Home Sales Soared 44% In May, More Than Double What Economists Were Expecting
France Dernières Nouvelles,France Actualités
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Homebuyers are flooding the market again.

released by the National Association of Realtors—it’s a strong indicator that the worst of the coronavirus recession may be over for the housing market. ... [+]Pending home sales are a measure of signed contracts for home sales that have not yet been completed; they’re used as an indicator of how many buyers initiated new sales during a given month.

May’s gains are the highest month-to-month since the National Association of Realtors started tracking the data in January 2001. While the supply of homes remains relatively low, listings were up more than 10% last month in Honolulu, San Francisco, San Jose, Denver, and Colorado Springs.The rate on a 30-year fixed-rate mortgage has fallen from a 52-week high of 4.15% to 2.96%, according to Mortgage News Daily. Low mortgage rates typically help encourage home sales.

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