Pending Home Sales Notch Record-Setting 44.3% Monthly Increase

[Neil Narayan]

Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors®. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 44.3% to 99.6 in May, chronicling the highest month-over-month gain in the index since NAR started this series in January 2001. Year-over-year, contract signings fell 5.1%. An index of 100 is equal to the level of contract activity in 2001.

Note: our region (South) did the best out of all regions :)

https://www.nar.realtor/newsroom/pending-home-sales-notch-record-setting-44-3-monthly-increase-in-may