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Each of the four regions of the United States reported month-over-month increases in pending sales, totalling a record 44.3 percent increase in May for the nation, according to a report from the National Association of REALTORS® (NAR).
The pending sales mark is a turnaround after two consecutive months of declines caused by the coronavirus pandemic, the NAR stated today. The month-over-month gain in the Pending Home Sales Index (PHSI) is the highest since NAR started calculating it in 2001. Read the entire NAR report.
“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.
“More listings are continuously appearing as the economy reopens, helping with inventory choices,” Yun said. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”
During May, each of the four regional PHSI indices rose on a month-over-month basis after all were down in April 2020.
In the Midwest, the index rose 37.2 percent to 98.8 last month, down 1.4 percent from May 2019. Find out about all the regions.
