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6/29, 4:01 PM (Source: TeleTrader)
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US pending home sales in May soar by record 44.3%

Pending home sales in the United States were 44.3% up in May compared to the previous month, making it a record monthly increase since the data series started being published in January 2001, the National Association of Realtors (NAR) said on Monday. The Pending Home Sales Index (PHSI) stood at 99.6 in May, smashing expectations. However, the index was 5.1% lower on a yearly basis.

Due to expected economic recovery, the NAR estimates that existing-home sales will hit 4.93 million units this year and 5.35 million in 2021. New home sales are projected to reach 690,000 units in 2020 and 800,000 in 2021.

"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% - even after missing the spring buying season due to the pandemic lockdown," NAR's chief economist Lawrence Yun noted in a statement.

Breaking the News / MS