US pending home sales bounce back with May surge

Highest month-over-month gain since the inception of the National Association of Realtors index in January 2001

SILVER SPRING, Md. (AP) — The number of Americans signing contracts to buy homes rebounded a record 44.3% in May after a record-breaking decline the previous month, as the impact of the coronavirus pandemic sidelined both buyers and sellers.

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The National Association of Realtors said Monday that its index of pending sales rose to 99.6 in May, the highest month-over-month gain in the index since its inception in January 2001.

The pending home sales index plunged 21.8% from March to April to a level of 69.

THESE LUXURY 'SECOND HOME' MARKETS EXPERIENCING SURGE IN DEMAND FROM WEALTHY BUYERS

The contract signings — a barometer of finalized purchases over the next two months — have fallen 5.1% over the past year.

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