Hi and welcome to this week’s JHT Market Update!

In the month of May, pending home sales increased by 44.3%, according to the National Association of Realtors. Mounting a record comeback after two months of a steep decline in sales during March & April. 

Pending Home Sales are one of lead indicators for the strength of the housing market, measuring the amount of real estate contracts signed on a monthly basis.

Chief Economist Lawrence Yun at NAR mentioned: “This has been a spectacular recovery for contract signing and goes to show the resiliency of American consumers and their evergreen desire for homeownership.”

At the same time, houses for sale are still scarce. As we move throughout the year, new construction homes are likely to help combat this inventory deficit. 

This challenge for buyers creates opportunity for homeowners who are ready to sell, while buyers are actively looking for homes. 

To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 59 new listings on the market, 48 new contracts and 54 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.keepingcurrentmatters.com/2020/07/01/a-historic-rebound-for-the-housing-market/
(2) https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales