After new- and existing-home-sales soared in July, analysts expected the rebound in pending-home-sales to slow dramatically, and while it did, it beat expectations - rising 5.9% MoM (vs +2.0% expectations).
This leaves pending home sales up a stunning 15.4% YoY...the biggest annual jump since Oct 2012
This is the highest level for the pending home sales index since Oct 2005...
"We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market," Lawrence Yun, NAR's chief economist, said in a statement.
Anecdotally, agents are saying that "scarce inventory remains a problem," Yun said.