The housing market shook off a dismal April with a big-time comeback in May. The Mortgage Bankers Association reports that purchase applications were up another 9% week-over-week. That’s the sixth straight week we’ve seen purchases increase.
That is a welcome relief after the doozy that was the month of April. The National Association of Realtors’ latest report shows pending home sales were down 21.8% month-over-month. Compared to April 2019, pending home sales were down 33.8%.