The housing market showed early signs of a comeback last month after coronavirus shutdowns dampened sale activity earlier in the year. An index measuring homes in contract to sell, or pending sales, jumped by a record 44% in May, according to the National Association of Realtors. This follows two months of steep declines. Reported CNN.
The spike in May was the highest monthly gain since NAR began tracking in 2001, and it was an indication that demand for homes remains strong, the association said. The number of pending home sales in Florida is considered a leading indicator of housing activity. Pending sales include signed real estate contracts for existing single-family homes, condos, and co-ops that have yet to close. Since there is typically a month or two lag between signing a contract on a property and closing the deal, the Pending Home Sales Index generally leads completed sales of existing homes by a month or two.