June’s pending home sales pace increased 16.6% last month and rose 6.3% from a year ago. This would be the second consecutive month of gains as well as the first year over year incline since the virus’s impact on the housing market.
As expected, economic activity collapsed in the second quarter due to the total virus-lockdown in April and only partial re-openings in May. The GDP contraction of 33% on an annualized basis is the steepest ever experienced in the U.S.
All four regions of the country experienced growth in month-over-month pending home sales transactions, while the Northeast was the only region to not record increases in year-over-year pending transactions.