At the beginning of the crisis we had 136 weekly contracts signed in Manhattan. That number progressively went down during the crisis to reach a low of 31 contracts signed 12 weeks into the crisis. Last week was week 13, and we had 61 contracts signed! Could be the first sign of a recovery? In a normal market we should have around 200-250 contracts signed at this time of the year. While we know we are still far from normal, this uptick in sales activity is encouraging. (Urban Digs)

Nationally, home values rose 5.4% annually in April. The gain in prices was driven by a record drop in the supply of homes for sale. Not only did some sellers pull their listings in April, but most of those who planned to list decided to wait. The inventory of entry-level homes for sale fell 25% in April from a year ago. (CoreLogic)