Sep 3, 2020
Debbie Bloyd reports: After new- and existing-home-sales soared in July, analysts expected the rebound in pending-home-sales to slow dramatically, and while it did, it beat expectations - rising 5.9% MoM (vs +2.0% expectations).
This leaves pending home sales up a stunning 15.4% YoY...the biggest annual jump since Oct 2012
This is the highest level for the pending home sales index since Oct 2005...
Source: Bloomberg
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” Lawrence Yun, NAR’s chief economist, said in a statement.
Anecdotally, agents are saying that “scarce inventory remains a problem,” Yun said.
Pending home sales rose 25.2% in the Northeast and 6.8% in the West. Gains were smaller in other regions, with a 3.3% increase in the Midwest and 0.9% in the South.
The numbers: The index of pending home sales rose 5.9% in July as compared with June, the National Association of Realtors reported Thursday.
It is the third consecutive month in which the level of Americans signing contracts to purchase homes has risen. Home sellers are going under contract in record time, the trade group reported.