Pending home sales in June had a 16.6% bump, with all four regions posting month-over-month increases, the National Association of Realtors reports.
Year-over-year, overall pending home sales grew 6.3%.
“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,” stated NAR Chief Economist Lawrence Yun. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”
Regionally, contract signings increased 54.4% in the Northeast; 12.2% in the Midwest; 11.9% in the South; and 11.7% in the West.
The full NAR report can be found here.