House with Sales Sign

June 30, 2020 Comments (0) Views: 533 National News, Top National

Pending Home Sales Stage Big Comeback

Order Reprints...

Pending home sales made a record comeback in May, rising 44.3% from April after two months of declines due to the coronavirus pandemic, the National Association of Realtors (NAR) said Monday. Every major region recorded an increase in month-over-month pending home sales, which include condominiums and co-ops as well as single-family homes.

“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. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

He continued, “More listings are continuously appearing as the economy reopens, helping with inventory choices. Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

NAR projects existing home sales of 4.93 million units in 2020 and new home sales of 690,000.

Read more at NAR

Connect With NAR’s Yun


Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , , ,

Comments are closed.

Send this to a friend