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Pending home sales surge for the second consecutive month as the Realtors raise their forecast for 2020

A sale pending sign is posted in front of a home for sale in San Anselmo, California.

Justin Sullivan | Getty Images

Pending home sales continued to climb in June, rising 16.6% monthly since May, and increasing 6.3% since June 2019, according to the National Association of Realtors. This beats the expectation for the monthly gain, which was a rise of 12.5%. It’s the second straight month of increases in contract activity.

The Realtors have also raised their forecast for the housing market because of what they say is an apparent market turnaround. For 2020, existing home sales are expected to decline by only 3%. New home sales are projected to rise by 3%.

The previous forecast for existing home sales in 2020 was down 7.7%, with new