Pending home sales in the U.S. are up three straight months after another strong showing in July. The National Association of Realtors (NAR) reported Thursday its Pending Home Sales Index increased 5.9%. This is also up 15.5% from July 2019. Economists predicted sales would increase 3% in July, states Reuters.
"We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market," said NAR Chief Economist Lawrence Yun in a release. "Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings."
NAR reports buyers missed out on home buying during the spring due to the spread of COVID-19 and shutdowns. "With nearly all states at least partially reopened, the market is experiencing robust activity from the pent-up demand," according to the release. And, Yun does not believe contract activity will diminish in the coming months.
Regionally, the West, Midwest, South and Northeast each saw month to month improvement in July. All four regions also witnessed double-digit growth from July 2019.
-Michael Miller, managing editor