The most recent National Association of Realtors’ (NAR) Pending Home Sales Index (PSHI) report revealed that pending home sales climbed 16.6% to 116.1 in June. In comparison to last year, contract signings rose 6.3%, according to the report.
“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. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”
Each of the four major regions saw increases on a month-over-month basis, which is what NAR says is two months in a row now.
The Northeast’s PHSI skyrocketed 54.4% to 95.4 in June, while the Midwest rose 12.2% and the South climbed 11.9%. Lastly, the West saw a 11.7% increase.
The writing is on the wall folks—positive findings once again from the housing market.