Shanna Riches - Dan Phipps Team Member

PENDING HOME SALES SURGE


U.S. pending home sales surged 44% in May, the biggest gain on record, as Americans emerging from lockdowns went home shopping, according to a report on Monday from the National Association of Realtors®. The spike in signed contracts to buy homes came as the average U.S. rate for a 30-year fixed mortgage fell to a record low of 3.15% at the end of May, as measured by Freddie Mac. Since then, rates in the last two weeks have set a new all-time low of 3.13%. “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers,” said Lawrence Yun, NAR’s chief economist. “This bounce-back also speaks to how the housing sector could lead the way for a broader economic recovery.”1