Pending Home Sales Climbed Record-Setting 44% From April To May

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.” Lawrence Yun, Chief Economist National Association of Realtors

The Pending Home Sales Index (PHSI), a forward-looking indicator of future sales based on contract signings, climbed 44.3 percent month-over-month and was down 5.1 percent year-over-year in May, after bottoming out in April due to COVID-19.

The Biggest Threat to the Recovery…

The largest issue that Realtors are having right now is that there is not enough inventory for the demand that is out there. Pre-Covid we were looking at a shortage of inventory. Inventory is even slimmer now. The alchemy of low interest rates backed by 5 million buyers turning 30 looking to buy a home is making it interesting.

I put a condo on the market a couple of weeks ago and the buyers paid over asking, waived the inspection, and waived the appraisal contingency. This was a little extreme, but I guess they knew what they wanted.

 

Download the Pending Home Sales Index Record Setting Report Here

Pending Home Sales are Setting Records
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  1. 1 bed, 1 full bath
    Home size: 707 sq ft
    Year built: 2018
    Parking spots: 2
    Days on market: 1
    Walk Score®: 88
    Listed with Keller Williams Realty Boston-Metro | Back Bay
  2. 2 beds, 1 full bath
    Home size: 525 sq ft
    Lot size: 594 sqft
    Year built: 1910
    Days on market: 1
    Walk Score®: 94
    Listed with Berkshire Hathaway HomeServices Commonwealth Real Estate
  3. 2 beds, 2 full baths
    Home size: 1,302 sq ft
    Year built: 2019
    Days on market: 1
    Walk Score®: 89
    Listed with Boston Brokerage Group
  4. 2 beds, 1 full bath
    Home size: 1,183 sq ft
    Lot size: 1,183 sqft
    Year built: 2002
    Parking spots: 1
    Days on market: 1
    Walk Score®: 90
    Listed with Compass
  5. 1 bed, 1 full bath
    Home size: 1,005 sq ft
    Lot size: 1,005 sqft
    Year built: 1900
    Days on market: 1
    Walk Score®: 88
    Listed with Keller Williams Realty Boston-Metro | Back Bay

See all Century 21 Realtor in city of Boston - 617-615-9435.
(all data current as of 8/13/2020)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

  1. 4 beds, 3 full baths
    Home size: 2,610 sq ft
    Lot size: 20,350 sqft
    Year built: 1963
    Parking spots: 7
    Days on market: 1
    Walk Score®: 25
    Listed with Coldwell Banker Residential Brokerage - Westwood
  2. 4 beds, 2 full, 1 half baths
    Home size: 2,892 sq ft
    Lot size: 15,474 sqft
    Year built: 1954
    Parking spots: 6
    Days on market: 7
    Walk Score®: 16
    Listed with Karen Johnson Real Estate
  3. 2 beds, 2 full, 1 half baths
    Home size: 2,221 sq ft
    Lot size: 11.60 ac
    Year built: 2020
    Parking spots: 4
    Days on market: 7
    Walk Score®: 1
    Listed with Coldwell Banker Residential Brokerage - Westwood
  4. 2 beds, 2 full, 1 half baths
    Home size: 2,221 sq ft
    Lot size: 11.60 ac
    Year built: 2020
    Parking spots: 4
    Days on market: 7
    Walk Score®: 1
    Listed with Coldwell Banker Residential Brokerage - Westwood
  5. 2 beds, 2 full, 1 half baths
    Home size: 2,221 sq ft
    Lot size: 11.60 ac
    Year built: 2020
    Parking spots: 4
    Days on market: 7
    Walk Score®: 1
    Listed with Coldwell Banker Residential Brokerage - Westwood

See all Century 21 Realtor in city of Westwood - 617-615-9435.
(all data current as of 8/13/2020)

Listing information deemed reliable but not guaranteed. Read full disclaimer.


  1. 3 beds, 2 full, 1 half baths
    Home size: 1,272 sq ft
    Lot size: 31,540 sqft
    Year built: 1958
    Parking spots: 4
    Days on market: 1
    Walk Score®: 22
    Listed with Donahue Real Estate Co.
  2. 3 beds, 2 full baths
    Home size: 1,586 sq ft
    Lot size: 8,000 sqft
    Year built: 1963
    Parking spots: 5
    Days on market: 1
    Walk Score®: 31
    Listed with Real Living Suburban Lifestyle Real Estate
  3. 4 beds, 2 full baths
    Home size: 1,600 sq ft
    Lot size: 4,500 sqft
    Year built: 1900
    Parking spots: 4
    Days on market: 2
    Walk Score®: 62
    Listed with Coldwell Banker Residential Brokerage - Westwood
  4. 3 beds, 1 full, 1 half baths
    Home size: 1,764 sq ft
    Lot size: 19,404 sqft
    Year built: 1957
    Parking spots: 3
    Days on market: 2
    Walk Score®: 12
    Listed with Donahue Real Estate Co.
  5. 4 beds, 1 full, 1 half baths
    Home size: 1,464 sq ft
    Lot size: 2,500 sqft
    Year built: 1910
    Parking spots: 2
    Days on market: 3
    Walk Score®: 42
    Listed with The Galvin Group, LLC

See all Century 21 Realtor in city of Dedham - 617-615-9435.
(all data current as of 8/13/2020)

Listing information deemed reliable but not guaranteed. Read full disclaimer.


  1. 4 beds, 2 full, 1 half baths
    Home size: 2,313 sq ft
    Lot size: 40,946 sqft
    Year built: 1997
    Parking spots: 4
    Days on market: 1
    Walk Score®: 12
    Listed with Keller Williams Realty
  2. 4 beds, 3 full, 1 half baths
    Home size: 3,370 sq ft
    Lot size: 30,010 sqft
    Year built: 2020
    Parking spots: 6
    Days on market: 4
    Walk Score®: 2
    Listed with Compass
  3. 4 beds, 3 full, 2 half baths
    Home size: 5,218 sq ft
    Lot size: 1.04 ac
    Year built: 1987
    Parking spots: 11
    Days on market: 6
    Walk Score®: 2
    Listed with Keller Williams Realty
  4. 4 beds, 2 full, 1 half baths
    Home size: 2,544 sq ft
    Lot size: 36,514 sqft
    Year built: 1974
    Parking spots: 10
    Days on market: 9
    Walk Score®: 11
    Listed with Compass
  5. 4 beds, 2 full baths
    Home size: 2,394 sq ft
    Lot size: 20,628 sqft
    Year built: 1958
    Parking spots: 10
    Days on market: 9
    Walk Score®: 33
    Listed with Conway - Canton

See all Century 21 Realtor in city of Canton - 617-615-9435.
(all data current as of 8/13/2020)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

About the author

Michael Mahoney

Michael Mahoney

Boston Realtor

Michael Mahoney is a full time Realtor in Boston, Massachusetts. Michael covers most of Greater Boston. Michael's focus areas are primarily Norfolk and Suffolk Counties. You can reach Michael via email at mike@mmahoney.com or via phone at 617-615-9435. Michael is a sales agent affiliated with Century 21.

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