New numbers from the National Association of Realtors show contract signings up for the third straight month. Contract activity rose 5.9 percent in July and is now 15.5 percent higher than the same time last year. The new data is more evidence that the housing market has experienced a V-shaped recovery, with summer sales numbers proving buyers have returned in big numbers following the coronavirus lockdowns that kept them at bay this spring. And, according to Lawrence Yun, NAR’s chief economist, home sales would be even higher, if there were more homes available for sale. “Anecdotally, Realtors are telling me there is no shortage of clients or home seekers, but that scarce inventory remains a problem,” Yun said. “If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high.” Yun believes there’s little indication that the rebound is going to come to an end any time soon. In fact, the NAR economist says he now expects home sales in 2020 to beat last year’s numbers, rising 1.1 percent from 2019. (source)
