Pending Home Sales Notch Record-Setting 44.3% Monthly Increase in May
Pending home sales made a record comeback in May and are continuing to increase after two months of declines. “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist.
According to data from realtor.com®, among the largest metro areas, active listings were up by more than 10% in May compared to April in several metro areas, including Urban Honolulu, Hawaii; San Francisco, Calif.; San Jose, Calif.; Denver, Colo.; and Colorado Springs, Colo.
“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10% – even after missing the spring buying season due to the pandemic lockdown,” Yun said.
NAR now expects existing-home sales to reach 4.93 million units in 2020 and new home sales to hit 690,000. “All figures light up in 2021 with positive GDP, employment, housing starts and home sales.” Yun noted that in 2021, sales are forecast to rise to 5.35 million units for existing homes and 800,000 for new homes.
Full Article Here: http://ow.ly/6US950AkEzV