- June 30, 2021
- Posted by: Stratford Team
- Category: Business
FOX Business’ Ashley Webster reports from Miami Beach, Florida
Pending home sales unexpectedly rebounded in May as a drop in mortgage rates lured buyers back into the market.
The Pending Home Sales index rose 8% last month to 114.7, reaching the highest level since January, according to the National Association of Realtors. Contracts signed increased 13.1% year over year.
Analysts surveyed by Refinitv were expecting pending home sales to slide 0.4% in May after declining 4.4% the prior month.
HOME PRICES SURGE BY MOST ON RECORD
“May’s strong increase in transactions – following April’s decline, as well as a sudden erosion in home affordability – was indeed a surprise,” said Lawrence Yun, NAR’s chief economist. “The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.”
The 30-year fixed mortgage rate declined to 3.36% in May, down from 3.42% at the end of April. It fell…
