by Wolf Richter
Wolf Street
The market is facing a historic mess.
Pending sales of existing houses, condos, and co-ops in May – these are contracts that were signed in May but didn’t close in May – bounced off the brutal pandemic low in April, but remained down 10.6% from February 2020 and down 5.1% from May 2019, according to the National Association of Realtors this morning: