The National Association of Realtors is reporting that pending home sales surged 44.3% in May – which they say is a spectacular recovery. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 99.6 with every major region experiencing the record-setting increase in month-over-month contract activity. In addition, they reported that year-over-year contract signings were only down 5.1%. Indeed….
“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.”