Stop shaking your monitor—it's true! Pending home sales in April jumped a shocking 6.3 percent from the previous month, the National Association of Realtors reported today. It's the biggest one-month gain since 2002 at least, snapping a roughly five-month-long steak of declines.
So does this mean the bottom is at hand?
From Goldman Sachs:
We do not have enough experience with this indicator to know how [reliably] it might signal meaningful shifts in the direction of existing home sales. However, if it holds up on revision, it is conceivable that this could mark the onset of a more stable period of sales.
Keep those rally caps on...