Despite the economic downturn and disruptions stemming from the coronavirus pandemic, Northwest MLS member-brokers reported impressive improvement from April to May on some key indicators. The volume of new listings, including single family homes and condominiums, rose 29.2% and pending sales jumped more than 44% systemwide. “The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” said Joel Kan, an MBA economist.
- Mortgage applications to purchase a home rose 5% for the week and were a stunning 18% higher than a year ago, according to the Mortgage Bankers Association.
- As the coronavirus outbreak was surging six weeks ago, applications by homebuyers were