The Meyers Research New Home Pending Sales Index rose to 101.6 on a seasonally adjusted basis in May 2020, up from 87.1 in April. Pending home sales are down 5.2% year over year but have rebounded by 16.7% month over month.

Out of 20 select major markets, 19 posted a month-over-month increase in pending new home sales. Seattle is the only market where pending home sales fell month over month (-13.4%), as well as the only market where pending sales fell both month over month and year over year (-25.1%). Ali Wolf, chief economist at Meyers Research, attributes this drop to a higher-than-average unemployment rate, lower community counts compared with other markets, and tough comps in May 2019 and April 2020.

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