November 29, 2022

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US pending home sales for May 2021 +8.0% versus -0.8% estimate

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US pending home sales for May

  • US pending home sales for May surged 8.0% versus -0.8% estimate.
  • in April, the pending home sales fell -4.4%
  • Highest reading since 2005
  • Pending home sales are up 13.1% year on year
  • The index moved to 114.7 from 106.2
  • The Northeast increased 15.5% to 98.5 in May, a 54.6% climb from a year ago. 

  • In the Midwest, the index grew 6.7% to 107.7 last month, up 7.8% from May 2020.

  • In the South the index grewrose 4.9% to an index of 135.5 in May, up 6.1% from May 2020. 

  • The index in the West increased 10.9% in May to 102.0, up 12.5% from a year prior.

Earlier today, the MBA 30 year mortgage rate for the June 25 week rose to 3.2% from 3.18% last month.

The data is obviously much stronger than expected. However, these numbers are for May. Since then there has been a slowing as a result of higher mortgage rates and impact from higher prices as well.

The Pending Home Sales released by the National Association of Realtors is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes. 

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