Source: Bloomberg

This is the biggest annual rise in pending home sales in over 5 years as mortgage rates hit record lows.

"It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago," Lawrence Yun, NAR's chief economist, said in a statement.

"Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve's maximum liquidity monetary policy."

And the pending home sales index is back at its highest since 2006...

And in case you're wondering why the housing market was able to bounce so quickly in the face of an historic shock which left 22 million people unemployed?