The coronavirus pandemic has made a significant impact on the housing market, causing sales to decline for the last two months. Across the United States, each region experiences a decrease in month-over-month activity, as well as, year-over-year pending home sales. The pending home sales took a deep dive of 21.8% to an index of 69.0. With a more significant decline in year-over-year contract signings of 33.8%.
Although the pending home sales took the record-breaking decline since January 2001, when NAR began tracking transactions. Lawrence Yun, NAR’s chief economist believes, “In the coming months, buying activity will rise as states reopen and more consumers feel more comfortable about homebuying in the midst of the social distancing measures.” Further projecting a 4% increase in median home price, and only an 11% decline in home sales.
Copyright ©2020 “Pending Home Sales Slump 21.8% in April” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. May 29, 2020, https://www.nar.realtor/newsroom/pending-home-sales-slump-21-8-in-april