Pending home sales surge for the second consecutive month
The Realtors have also raised their forecast for the housing market because of what they say is an apparent market turnaround.
The Realtors have also raised their forecast for the housing market because of what they say is an apparent market turnaround. For 2020, existing-home sales are expected to decline by only 3%. New home sales are projected to rise by 3%."It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago," said Lawrence Yun, NAR's chief economist.
This follows last week's NAR report showing the sale of existing homes in June rose a stunning 20.7% monthly. That's the largest monthly gain since the Realtors began tracking the data in 1968. This count is based on closings, and sales were still lower annually, by 11.3%.
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