V-Shaped Recovery? US Pending Home Sales Rise 44.3% MoM in May, But Decline -10.4% YoY

According to the National Association of Realtors, pending US home sales rose 44.3% MoM in May.

The looks like a big V-shaped recovery to me.

Although YoY pending home sales declined -10.4%, it is a massive improvement over April’s -34.6% YoY reading.

Consumer sentiment looks similar to pending home sales YoY.

Could this be households escaping big cities? Just in time of the start of fall classes!