May home sales rebound to highest level since 2005, shocking even the Realtors

CNBC2021-06-30

KEY POINTS Pending home sales surprised the experts, rising 8% in May Realtors point to lower mortgage rates for some of the sales gains. Pending sales were strongest in the Northeast and West. The ...

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Comments

Wengho
2021-07-01
Wengho
Ok
CamilleV26
2021-07-01
CamilleV26
[Strong]
LetUsSaveOur
2021-06-30
LetUsSaveOur
Yeah
Oldie
2021-06-30
Oldie
Home buyers are attracted by the low mortgagerates
- Vivienrose:
  [Miser]
chyoli
2021-06-30
chyoli
Hi
Jems
2021-06-30
Jems
Ok
- Jems:
  ok
- Jems:
  ok
- Jems:
  k
- 树魔:
  Okik
- 树魔:
  Sibeh ok

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Despite recent months of softening sales, buyers came back remarkably strongly in May.\nPending home sales, a measure of signed contracts on existing homes, jumped an unexpectedly high 8% in May compared with April, according to the National Association of Realtors. Analysts expected a 1% drop. This is the highest level of sales activity for May since 2005.\nSales were up 13% from May of 2020, when the housing market was just beginning to come back from the coronavirus lockdown. Pending contracts are a forward-looking indicator of closed home sales.\n“May’s strong increase in transactions – following April’s decline, as well as a sudden erosion in home affordability – was indeed a surprise,” said Lawrence Yun, NAR’s chief economist. “The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.”\nAfter falling quite sharply in April, the average on the 30-year fixed hovered in a tight range throughout May, giving some buyers at least a little relief on potential monthly payments.\nBut sky-high home prices have been a major concern. In April, the much watched S&P Case-Shiller National Home Price Index was up over 14% year over year, the largest gain in its 30-year history.\nThe Realtors report even higher gains in the median home price, some of which is skewed due to the fact that more of the sales activity is happening on the higher end of the market, where listings are more plentiful. The low end of the market is barely budging, as first-time buyers struggle for meager listings. Investors, the majority of whom use cash, are also more prevalent at the lower end of the market.\n“While these hurdles have contributed to pricing out some would-be buyers, the record-high aggregate wealth in the country from the elevated stock market and rising home prices are evidently providing funds for home purchases,” Yun said.\nRegionally, pending home sales jumped 15.5% in the Northeast month-to-month. In the Midwest, sales rose 6.7%. Sales in the South rose 4.9% from April. In the West, they rose 10.9%.\nTight supply of existing homes has been a major factor, but that supply did rise slightly in May compared with April, although it was still historically low. Supply of existing homes is about 20% below year-ago levels. Homebuilders have also not been ramping up production as quickly as the market is demanding.\nSales of newly built homes in May, which are also measured by signed contracts, fell nearly 6% from April, as builders continued to raise prices. The median price of a newly built home sold in May was up 18%, according to the U.S. Census. Builders have seen soaring costs for land, labor and materials. While the price of lumber has come down dramatically in the last month, it is still well above pre-pandemic 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