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Advisors 30 Second Market Update for the week of July 6, 2020.

Pending Home Sales Soar Record Highs

According to the National Association of Realtor’s Pending Home Sales Index (PHSI), pending home sales spiked 44.3% in May, compared to April.  This record increase beat expectations by 15%, and represents the largest one-month jump in the history of the survey, which dates back to 2001.  NAR’s Chief Economist, Lawrence Yun stated, “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership.”  He also weighed in on the overall economy stating, “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

Overall, this report strongly indicates that buyers are extremely eager to purchase homes, despite some of the restrictions put in place due to COVID-19.  Many are viewing homes via virtual tours, or using lockboxes to tour the homes themselves.  While inventory still remains an issue, buyers have proven they are eager to capitalize on record-low interest rates and begin reaping the rewards of homeownership.

Sources: 

https://bit.ly/2BtXM8L

https://cnb.cx/2D2Vsq1

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.