The lede: New home sales soared and existing home sales plunged, leaving pending home sales as the tie-breaker for May’s picture of the US housing market. After crashing by over 20% MoM in both March and April, analysts expected a 19.3% rebound MoM in May but instead it exploded by a record 44.3% MoM…but pending home sales remain down 10.4% YoY…
“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist.
“This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”
Hat tip Zerohedge.com, more here: https://www.zerohedge.com/markets/us-pending-home-sales-explode-record-may-back-2001-levels