According to the National Association of Realtors, pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by COVID-19. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.
The Pending Home Sales Index (PHSI) rose 44.3% to 99.6 in May, marking the highest month-over-month gain in the index since the Realtors' association began the series in January 2001. Year-over-year, contract signings fell 5.1%. A PHSI reading of 100 is equal to the level of contract activity in 2001.