Pending Home Sales Rise For 1st Time in 6 Months

Pending Home Sales Rise For 1st Time in 6 Months

Pending Home Sales hit their most recent peak in October according to data reported in November, 2021 by the National Association of Realtors (NAR).  In each of the subsequent 6 months, the NAR's Pending Home Sales Index declined until bottoming out in April at 99.2.  Apart from the first 2 months of the pandemic, that was the lowest reading since 2014. Today's report (for the month of May) finally saw the index improve.  While the gains barely registered, it was a much stronger showing than the median forecast which called for a 3.7% decline. Realtors remain cautious nonetheless. "Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition," said NAR Chief Economist Lawrence Yun. "Contract signings are down sizably from a year