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【World Property Journal】U.S. Market Enjoys Record 44 Percent Spike in Pending Home Sales

【World Property Journal】U.S. Market Enjoys Record 44 Percent Spike in Pending Home Sales

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According to the National Association of Realtors, U.S. pending home sales mounted a record comeback in May 2020, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 44.3% to 99.6 in May 2020, chronicling the highest month-over-month gain in the index since NAR started this series in January 2001. Year-over-year, contract signings fell 5.1%. An index of 100 is equal to the level of contract activity in 2001.

NAR now expects existing home sales to reach 4.93 million units in 2020 and new home sales to hit 690,000. "All figures light up in 2021 with positive GDP, employment, housing starts and home sales." Yun noted that in 2021, sales are forecast to rise to 5.35 million units for existing homes and 800,000 for new homes. 
 

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