Pending home sales index registers the best month-over-month gain ever

In May, pending home sales increased by 44.3%, registering the best month-over-month gain since the National Association of Realtors started tracking this metric.

The pending home sales index measures activity based on accepted contracts for homes. A home in La Jolla usually goes under contract a month before it sells; therefore, the Pending Home Sales Index generally leads Existing-Home Sales by about a month.

WHY IS THIS REBOUND IMPORTANT?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline within the number of homes that went into contract. In May, however, that number increased dramatically. This jump means buyers are back and buying homes immediately.

If you decide not to sell this spring due to the health crisis, now may be the best time to leap back to the market while buyers are actively trying to find homes.

Experience the luxury of working with the best team in La Jolla,

High Realty Group
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