The numbers of contract signings are growing, and May experienced a record number of home sales, but not every area is experiencing the same boom. National Mortgage News reports that pending sales dropped annually in 17 out of the top 35 metro areas from May 7 to June 6. This could be attributed to shelter-in-place orders, the severity of the pandemic, and differing housing activity in the metros, they say. Some of the lower performing metros are San Diego, New York City, and Philadelphia. Read more to see what nine other metros made the list.
"While the pickup in housing activity appears strong and possibly not expected this early following the crisis, housing activity differs widely across metropolitan areas and is in part driven by the severity of the pandemic as well as stringency of shelter-in-place orders in local areas," Selma Hepp, deputy chief economist at CoreLogic, said in the report.
CoreLogic's analysis compares pending sales in the 30-day period ending the first week of June 2020 to the year before, while showing year-over-year change in home sales from the year's opening quarter before country-wide lockdowns took place. It also examined the share of homes sold below asking price for both of those time frames.
Here's a look at 12 housing markets with the biggest annual declines in pending home sales for the late spring, according to CoreLogic.