The National Association of Realtors is reporting that pending home sales surged 16.6% in June – marking two consecutive months of increases. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 116.1 with every major region experiencing an increase in month-over-month contract activity. In addition, they reported that year-over-year contract signings were up 6.3%. Indeed….
“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 Lawrence Yun, NAR’s chief economist. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”