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- U.S. pending home sales surge 16.6% in June
U.S. pending home sales surge 16.6% in June
The National
Association of Realtors (NAR) announced on Wednesday its seasonally adjusted
pending home sales index (PHSI) climbed 16.6 percent m-o-m to 116.1 in June,
after an unrevised 44.3 percent m-o-m jump in May.
Economists had
expected pending home sales to jump 15.0 percent m-o-m in June.
On y-o-y basis,
the index rose 6.3 percent after a 5.1 percent decline in May.
According to
the report, all regional indices recorded m-o-m gains in May. The Northeast
PHSI climbed 54.4 percent m-o-m to 95.4 in June, but was still down 0.9 percent
from a year ago. In the Midwest, the index surged 12.2 percent m-o-m to 110.9
last month, up 5.1 percent from June 2019. Pending home sales in the South
jumped 11.9 percent m-o-m to an index of 140.3 in June, up 10.3 percent from
June 2019. The index in the West grew 11.6 percent m-o-m in June to 99.6, up
4.7 percent from a year ago.
“It is quite
surprising and remarkable that, in the midst of a global pandemic, contract
activity for home purchases is higher compared to one year ago,” noted Lawrence
Yun, NAR’s chief economist. “Consumers are taking advantage of record-low
mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary
policy.”
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