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Pending Home Sales Jump in June

Pending home sales continued to surprise in June, posting back-to-back months of improvement. According to the Pending Home Sales Index from the National Association of Realtors (NAR), sales in June increased 16.6%. Pending sales are also up more than 6% from June 2019.

"It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago," said NAR Chief Economist Lawrence Yun in a release. "Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve's maximum liquidity monetary policy."

All four regions in the U.S. saw double-digit improvement in June, with the Northeast leading the way at more than 54%. The Midwest, West and South were each around 12%. However, the Northeast was still down about 1% from June 2019. The Midwest, West and South were each up from a year ago.

It was expected that pending home sales would increase 12.5% in June, states CNBC. Meanwhile, economists, according to Bloomberg, predicted a more generous 15% increase—both still outdone by reality.

-Michael Miller, managing editor

US Sees Decline in Construction Output
Europe and Asia Contend with the Surge

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Sunday, 09 August 2020