May saw a 44% increase in pending home sales according to the National Association of Realtors. 

Experts are hoping that this is an indication that the housing market has passed the worst part of the recession caused by the coronavirus. 

The 30-year fixed mortgage rate has fallen to 2.96%, which helps boost home sales and refinances. 

Forbes quoted Lawrence Yun, NAR’s chief economist, saying, “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership.” He also added, “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.” 

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