NATIONAL MARKET UPDATE

April’s Pending Home Sales index of signed contracts on existing homes fell 21.8%, but the National Association of Realtors chief economist expects this will be the lowest point for contracts, and May the lowest for closed sales.

Zillow agrees. They report in the week ending May 10, newly pending sales nationwide were up almost 50% from the same period in April, plus, new for-sale listings were up 12.5% monthly and home values up 4.3% year-over-year.

New Home Sales already turned the corner in April, up 0.6%, to 623,000 annually. These deals were done at the height of state lock-downs, as buyers jumped on lower mortgage rates and affordable home prices.