June 30, 2020

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.

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Tags: Apartments & Multifamily, Condominium, Economy, Housing