Pending home sales see historic jump

Pending home sales soared in May after two down months due to the COVID-19 pandemic, reinforcing many observers’ confidence about the housing market’s resilience and role in the country’s economic revival.

The Pending Home Sales Index (PHSI), a metric based on contract signings developed by the National Association of Realtors (NAR), surged 44.3% to a reading of 99.6 in May. While contract signings dropped year over year 5.1%, the massive monthly jump is the highest month-over-month gain in the index’s history, going back to its inception in January of 2001.

Read the full Scotsman Guide article here.