When COVID-19 first hit, many buyers put their home searches on hold—and that pause continued through the following months as much of the nation was under stay-at-home orders.
But now that the country has started to reopen, buyers are “unpausing” their searches and buying homes, which has translated to an unprecedented rebound in the market.
Data released in June in the National Association of REALTORS® Pending Home Sales Index, which measures housing contract activity, showed a 44.3% jump in May—the highest month-over-month increase since the Index started collecting data in 2001.
“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” NAR Chief Economist Lawrence Yun said in a recent press release. “This bounce-back also speaks to how the housing sector could lead the way for a broader economic recovery.”
So, what does this mean for you? If you’ve been holding off on listing your home, it looks like buyers are officially getting back into the market and ready to buy—which should make it easier to sell.