{"id":17403,"date":"2020-06-02T11:40:40","date_gmt":"2020-06-02T11:40:40","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17403"},"modified":"2020-06-02T11:40:40","modified_gmt":"2020-06-02T11:40:40","slug":"contract-signings-likely-wont-go-any-lower","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/contract-signings-likely-wont-go-any-lower\/","title":{"rendered":"Contract Signings Likely Won\u2019t Go Any Lower"},"content":{"rendered":"

Contract Signings Likely Won\u2019t Go Any Lower<\/h1>\n

The COVID-19 pandemic hampered home sales contracts in April, but that will likely mark the low point in pending home sales for the year, according to the National Association of REALTORS\u00ae\u2019 latest housing report released on Thursday. April was the second consecutive month of\u00a0declining pending home sales, as social distancing measures and widespread business closures mounted due to the igniting coronavirus outbreak. Every major region of the country saw a drop in month-over-month contract activity in April.<\/p>\n

NAR\u2019s Pending Home Sales Index<\/a>\u2014a forward-looking indicator of home sales based on contract signings\u2014fell 21.8% in April. Contract signings were 33.8% down for the year. April\u2019s decline also marked the greatest decrease in pending home sales since NAR began tracking such data in January 2001.<\/p>\n

\u201cWith nearly all states under stay-at-home in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases,\u201d says Lawrence Yun, NAR\u2019s chief economist.<\/p>\n

Yun expects April\u2019s pending home sales to be the lowest point for the year, and the month of May to, therefore, be the lowest point for closed sales. He then predicts a rebound in the housing market in the summer months.<\/p>\n

\u201cWhile the coronavirus mitigation efforts have disrupted contract signings, the real estate industry is \u2018hot\u2019 in affordable price points with the wide prevalence of bidding wars for the limited inventory,\u201d Yun says. \u201cIn the coming months, buying activity will rise as states reopen and more consumers feel comfortable about home buying in the midst of the social distancing measures.\u201d<\/p>\n

More reason behind housing\u2019s optimism: Mortgage applications have been rising over the last few weeks, a gauge used to measure future home sales.<\/p>\n

\u201cGiven the surprising resiliency of the housing market in the midst of the pandemic, the outlook for the remainder of the year has been upgraded for both home sales and prices, with home sales to decline by only 11% in 2020 with the median home price projected to increase by 4%,\u201d Yun says. \u201cIn the prior forecast, sales were expected to fall by 15% and there was no increase in home price.\u201d<\/p>\n

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Source:<\/div>\n
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National Association of REALTORS(R)<\/a><\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Contract Signings Likely Won\u2019t Go Any Lower The COVID-19 pandemic hampered home sales contracts in April, but that will likely mark the low point in pending home sales for the year, according to the National Association of REALTORS\u00ae\u2019 latest housing report released on Thursday. April was the second consecutive month of\u00a0declining pending home sales, as … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17403","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nContract Signings Likely Won\u2019t Go Any Lower - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/contract-signings-likely-wont-go-any-lower\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-likely-wont-go-any-lower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-likely-wont-go-any-lower\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Contract Signings Likely Won\u2019t Go Any Lower\",\"datePublished\":\"2020-06-02T11:40:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-likely-wont-go-any-lower\\\/\"},\"wordCount\":377,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-likely-wont-go-any-lower\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-likely-wont-go-any-lower\\\/\",\"name\":\"Contract Signings Likely Won\u2019t Go Any Lower - 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