By Paul Centopani | National Mortgage News
The month of May posted a record number of pending home sales, as many parts of the country began reopening and mortgage rates dipped to all-time lows. However, not every housing market experienced a boom in contract signings.
Data from May 7 through June 6 showed pending sales dropped annually in 17 of the top 35 metro areas, according to a study from CoreLogic.
“While the pickup in housing activity appears strong and possibly not expected this early following the crisis, housing activity differs widely across metropolitan areas and is in part driven by the severity of the pandemic as well as stringency of shelter-in-place orders in local areas,” Selma Hepp, deputy chief economist at CoreLogic, said in the report.