Pending Home Sales Pick Up in May

Real Estate

This morning, The National Association of Realtors reported that its Pending Home Sales Index rebounded 1.1% in May to 105.4, a tick above expectations for a 10.% monthly advance and coming on the heels of a 1.5% decline in April. Pending home sales represent contracts signed for existing home sales set to close in the next one to two months. 

  
Referring to this report, NAR Chief Economist Lawrence Yun said, "Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates."

  
As for the underlying trends, Yun noted  an uptick in consumer confidence as cause for optimism stating, "The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points," and , "job creation and a rise in inventory will nonetheless drive more buyers to enter the market."

  
Source: National Association of Realtors

 
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