Market Weekly: June 28 – July 5 2020


[size=5][b]US May pending home sales -10.4% y/y v -22.0% expected
Prior -34.6%[/b][/size]

Sales up 44.3% in the month vs +18.0% expected
Prior m/m reading was -34.6%

Sales continued to fall in the Northeast (-33.2 percent), the West (-2.5 percent) and the Midwest (-1.4 percent) but rose in the South (1.9 percent).

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On a monthly basis, pending home sales surged 44.3 percent, the biggest rise ever and following a record 21.8 percent fall in April.

Figures beat market forecasts of an 18.9% rise as every major region recorded an increase in month-over-month pending home sales transactions.

“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10 percent – even after missing the spring buying season due to the pandemic lockdown,” Lawrence Yun, NAR’s chief economist said.