US May Pending Home Sales Surge After Major Declines During Lock-Downs
Skerdian Meta • 1 min read
Pending home sales posted some horrible numbers during March and April, like most other sectors of any economy, apart from China, which is where this virus originated in the first place. Sales declined by more than 42% in those two months combined, as people and businesses put everything on hold.
But today’s report showed a surge in pending home sales, which jumped by more than 44% in May, even though the economy only started to open by the end of last month. Below is the report for May:
May 2020 US Pending Home Sales Data
- May pending home sales 44.3% vs +18.0% expected
- Prior MoM reading was -34.6%
- May pending home sales -10.4% y/y vs -22.0% expected
- Prior YoY pending home sales was -34.6%
That’s an impressive number and US stocks bounced back. USD/JPY is continuing higher as well, as the sentiment surrounding the USD improves. This is a good sign, showing that US consumer demand is kicking back, but let’s see if the trend continues in the coming months.