“May home sales rebound to highest level since 2005, shocking even the Realtors”
June 30, 2021
“Pending home sales, a measure of signed contracts on existing homes, jumped an unexpectedly high 8% in May compared with April, according to the National Association of Realtors. Analysts expected a 1% drop. This is the highest level of sales activity for May since 2005. Sales were up 13% from May 2020, when the housing market was just beginning to come back from the coronavirus lockdown. Pending contracts are a forward-looking indicator of closed home sales…
Regionally, pending home sales jumped 15.5% in the Northeast month to month. In the Midwest, sales rose 6.7%. Sales in the South climbed 4.9% from April. In the West, they rose 10.9%. Tight supply of existing homes has been a major factor, but that supply did rise slightly in May compared with April, although it was still historically low. Supply of existing homes is about 20% below year-ago levels. Homebuilders have also not been ramping up production as quickly as the market is demanding…”
https://www.cnbc.com/2021/06/30/may-home-sales-rebound-to-highest-level-since-2005.html