[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fiyb60ygv317x":3,"$ffeh0925h8cuz":38,"$f2emv3tus0uf1":42,"$fbwk2pqjjqsc7":46},{"item":4,"previous":26,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":25},1656,"a-historic-rebound-for-the-housing-market","A Historic Rebound for the Housing Market","Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the \u003Cem>National Association of Realtors \u003C\u002Fem>(NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F30172714\u002F20200701-KCM-Share.jpg","Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the \u003Cem>National Association of Realtors \u003C\u002Fem>(NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?\u003C!--more-->\r\n\r\nAccording to \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fhousing-statistics\u002Fpending-home-sales\">NAR\u003C\u002Fa>, the \u003Cem>Pending Home Sales Index \u003C\u002Fem>(PHS) is:\r\n\u003Cblockquote>\u003Cem>“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nIn real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F02\u002F28\u002F10-steps-to-buying-a-home-infographic-2\u002F\">steps\u003C\u002Fa> to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.\r\n\u003Ch4>\u003Cstrong>Why is this rebound important? \u003C\u002Fstrong>\u003C\u002Fh4>\r\nWith the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically \u003Cem>(See graph below):\u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F20200701-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-42604\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F20200701-MEM-Eng-1.jpg\" alt=\"A Historic Rebound for the Housing Market | Simplifying The Market\" width=\"650\" height=\"366\" \u002F>\u003C\u002Fa>This jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, \u003Cem>Chief Economist\u003C\u002Fem> at NAR \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fpending-home-sales-notch-record-setting-44-3-monthly-increase-in-may\">mentioned\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“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.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nBut in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:\r\n\u003Cblockquote>\u003Cem>“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nAs we move through the year, we’ll see an increase in the number of \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F06\u002F30\u002Fare-new-homes-going-to-be-available-to-buy-this-year\u002F\">houses being built\u003C\u002Fa>. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F20200701-MEM-Eng-2.jpg\">\u003Cimg class=\"aligncenter wp-image-42603\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F20200701-MEM-Eng-2.jpg\" alt=\"A Historic Rebound for the Housing Market | Simplifying The Market\" width=\"650\" height=\"366\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.","\r\nIf you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F20200701-MEM-Eng-1.jpg",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},6,"For Sellers","sellers","2020-07-01T10:00:25Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":15},1655,"are-new-homes-going-to-be-available-to-buy-this-year","Are New Homes Going to Be Available to Buy This Year?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F29171934\u002F20200630-KCM-Share.jpg","2020-06-30T10:00:01Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":15},1657,"is-the-health-crisis-driving-buyers-out-of-urban-areas","Is the Health Crisis Driving Buyers Out of Urban Areas?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F07\u002F01152943\u002F20200702-KCM-Share.jpg","2020-07-02T10:00:45Z",{"cover":39,"open":40,"shareSpread":41},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":43,"open":44,"shareSpread":45},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[47,51,52,53,57,61,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153,157],{"id":48,"name":49,"slug":50},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":54,"name":55,"slug":56},7,"Foreclosures","foreclosures",{"id":58,"name":59,"slug":60},8,"Infographics","infographics",{"id":62,"name":63,"slug":64},9,"Home Prices","home-prices",{"id":66,"name":67,"slug":68},11,"First-Time Buyers","first-time-buyers",{"id":70,"name":71,"slug":72},34,"Senior Market","senior-market",{"id":74,"name":75,"slug":76},35,"Mortgage Rates","mortgage-rates",{"id":78,"name":79,"slug":80},38,"Move-Up","move-up",{"id":82,"name":83,"slug":84},41,"For Sale by Owner","for-sale-by-owner",{"id":86,"name":87,"slug":88},42,"Featured","featured",{"id":90,"name":91,"slug":92},45,"New Construction","new-construction",{"id":94,"name":95,"slug":96},52,"Luxury \u002F Vacation","luxury--vacation",{"id":98,"name":99,"slug":100},53,"Rent vs. Buy","rent-vs-buy",{"id":102,"name":103,"slug":104},80,"Time-sensitive","time-sensitive",{"id":106,"name":107,"slug":108},81,"Outdated","outdated",{"id":110,"name":111,"slug":112},147,"Internal","internal",{"id":114,"name":115,"slug":116},148,"Do Not Autopost","do-not-autopost",{"id":118,"name":119,"slug":120},320,"Inventory","inventory",{"id":122,"name":123,"slug":124},321,"Agent Value","agent-value",{"id":126,"name":127,"slug":128},322,"Affordability","affordability",{"id":130,"name":131,"slug":132},323,"Buying Tips","buying-tips",{"id":134,"name":135,"slug":136},324,"Downsize","downsize",{"id":138,"name":139,"slug":140},325,"Economy","economy",{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]